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aKe wants to Know what [and or house he could reasonably afford to buy. a. Calculate the maximum price of a house that Jake can
aKe wants to Know what [and or house he could reasonably afford to buy. a. Calculate the maximum price of a house that Jake can afford to buy. (Note: the affordability calculation requires you to know the "other expenses" up front. Use a home price of $120,000 In order to estimate these "other costs" for the initial affordability calculation) b. Go to W.zillow.com and find a home in the Charlotte area that Jake can afford, up to, but not exceeding, the price you calculated in #2a. c. Present this house to Jake as an example of what kind of home he can afford within the next year. (Note: Try to avoid properties listed for auction for this assignment. The final price is unknown, since it depends on the actual bidding.) d. How much would he need to save each month to accumulate enough for a 3.5% down payment on this house in 12 months? e. What would his monthly mortgage payment and other home ownership costs for the house you selected be
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