A Boston historical home built in 1903 has an appraised price of $625,000 and $3,900 yearl...

A Boston historical home built in 1903 has an appraised price of $625,000 and $3,900 yearly property taxes. A Chicago historical home built in 1889 has a price of $425,000 and $5,020 yearly property taxes. Ronald Albert is offered employment in both Boston and Chicago at $125,000 a year. Ron loves historical homes, and his job acceptance will be based to a large extent on which home he is able to afford. His local banker will finance either home at interest with 20% down for 30 years. Ron does not want to spend more than 35% of his gross salary on monthly payments. (a) What would be the monthly payments for the home in Boston? (b) What would be the monthly payments for the home in Chicago? (c) How much more are the monthly payments for the Boston home? (d) Can Ron afford either home?