For the house that Joe and Lauren have chosen, the annual property taxes are $3,441, and their homeowners insurance premium is $1,128 per year

For the house that Joe and Lauren have chosen, the annual property taxes are $3,441, and their homeowners insurance premium is $1,128 per year. Since they will make a 20% down payment, they do not have to pay PMI. Find their total PITI.

Note: Round your final answer to two decimal places. Do NOT include a dollar sign in your final answer.

PART II:

Do Joe and Lauren pass the 28% and 36% tests to qualify for a mortgage? Recall that Joe and Lauren have a car loan and a student loan from Part 1 of the project. Use their salaries given in Part 2 of the project. Show all of your calculations to justify your answers