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Posted on Sep 20, 2024

Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation (see Exhibit 76). (LO 7.3)

Monthly gross income, $2,950 Down payment to be made15 percent of purchase price

Other debt (monthly payment), $160 Monthly estimate for property taxes and insurance, $210

30-year loan at 6 percent (6.00)

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