Enrico has planned to have $40,000 at the end of 10 years to place a down payment

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Enrico has planned to have $40,000 at the end of 10 years to place a down payment on a condo. Property taxes and insurance can be as much as 30% of the monthly principal and interest payment (i.e., for a principal and interest payment of $1,000, taxes and insurance would be an additional $300). What is the maximum purchase price he can afford if he'd like to keep his housing costs at $950 per month?
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Engineering Economy

ISBN: 978-0132554909

15th edition

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

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