Rebecca and Tom Payton have decided to buy a home that costs $200,000. The Paytons can put down 20% of the home's price. They ha
ve applied for a 15-year, 9% FRM to finance the balance. They Paytons have a combined gross annual income of $70,000. Answer the following questions about the Payton's decision. What is the maximum amount the Paytons should pay each month, according to the 28% rule given in the Background Information in Day 1 of Project 2?