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For Problem 8 use Figure 10 1 on page 377 to find the loan payment...

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For Problem 8 use Figure 10 1 on page 377 to find the loan payment and Figure 10 6 on page 393 to find the insurance premium 8 CHALLENGE PROBLEM Molly and Chris Spaulding purchased a brick house for 150 000 They made a 20 down payment and financed the remaining amount at 8 for 30 years The real estate tax rate is 71 57 mills and the rate of assessment is 40 They have a homeowners insurance policy for the purchase price of the house The fire protection is rated class 9 For the month of August they recorded the following housing expenses electricity 69 20 phone 44 85 cable 39 95 water 18 80 and 74 65 to repair a door They have a combined monthly gross income of 5 400 Find the monthly a mortgage payment and b insurance premium c taxes and d the total housing cost for August Are they within the 35 recommendation 1

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