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Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7.
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7. (Round your intermediate and final answers to the nearest whole dollar.)
Monthly gross income | $ | 3,450 | |
Other debt (monthly payment) | $ | 210 | |
30-year loan at | 5 | percent | |
Down payment to be made (percent of purchase price) | 10 | percent | |
Monthly estimate for property taxes and insurance | $ | 260 | |
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