Question
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation using the Total Debt Service
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation using the Total Debt Service ratio. (Refer toExhibit 7-7andExhibit 7-8)(Round time value factor to 2 decimal places, intermediate and final answers to the nearest dollar amounts. Omit the "$" sign in your response.)
Monthly gross income$4,700
Down payment to be made (percent of purchase price)20percent
Other debt (monthly payment)$260
Monthly estimate for property taxes and insurance$1,030
25-year loan at8.5percent
what is the:
Affordable monthly mortgage payment? $
Affordable mortgage amount? $
Affordable home purchase price? $
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