Use the Cost of Living Index Application from 2.1 to complete thefollowing.1) List the after-tax monthly income from the Cost of Living IndexApplication from section 2.1.2) It is recommended that a mortgage cost no more than 28% of yourincome. Right now the average

| November 30, 2018

Use the Cost of Living Index Application from 2.1 to complete thefollowing.1) List the after-tax monthly income from the Cost of Living IndexApplication from section 2.1.2) It is recommended that a mortgage cost no more than 28% of yourincome. Right now the average interest for a 30-year fixed rate mortgage is4.38%. Assuming that rate, what is the highest monthly payment you canafford for a mortgage? What is the highest amount you can finance at theaverage rate for a house?N = …

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