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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 Other debt (monthly payment) 20-year loan at Down payment to be made (percent of purchase price) Monthly estimate for property taxes and insurance Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase $3,480 $240 5 percent 10 percent $200

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