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Dorothy and Matt are ready to purchase their first home. Their current monthly cash inflows are $ 4000, and their current monthly cash outflows are
Dorothy and Matt are ready to purchase their first home. Their current monthly cash inflows are $ 4000, and their current monthly cash outflows are $3,147. Their rent makes up $520 of their cash outflows. They would like to put 10% of their cash inflows in savings and put another $160 per month in their checking account for emergencies. How much of a mortgage payment can they manage under these conditions?
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