Assume that you can afford to spend 27% of your monthly gross income toward your mortgage payment. Consider a 30-year mortgage with a 5.3% annual interest rate.

What is the amount of the payment you can afford using the above requirements? How did you determine this amount?
Use the payment amount calculated above to determine the largest mortgage you can afford given the information above. Be sure to show and explain the Excel formula used.
What is the largest mortgage a high school graduate can afford based on the same information?
Use an absolute or relative change statement to compare the two mortgage amounts. Be sure to explain the change value.