Question
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 | $ | 3,000 | |
| Other debt (monthly payment) | $ | 165 | |
| 20-year loan at | 5 | percent | |
| Down payment to be made (percent of purchase price) | 10 | percent | |
| Monthly estimate for property taxes and insurance | $ | 215 | |
Affordable Mothy mortgage payment?
Affordable mortgage amount?
Affordable home purchase?
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Essential Finance Guide
Authors: DK Publishing
1st Edition
078948157X, 978-0789481573
