You are ready to buy a house, and you have $20,000 for a down payment and closing costs. closing costs are estimated to be 4% of the loan value you have an annual salary of $36,000, and the bank is willing to allow your monthly mortgage payment to be equal to 28% of your monthly income. the interest rate on the loan is 6% per year with monthly compounding (.5% per month) for a 30-year fixed rate loan. how much can you offer for the house? $140,105 $154,501 $160,105 $162,017