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I need some help with this problem. A relative offered to give you $150,000 for a down payment and closing costs for the purchase of
I need some help with this problem.
"A relative offered to give you $150,000 for a down payment and closing costs for the purchase of a house in the LA area. You do not have any savings so the total due at closing cannot exceed $150,000. Determine the price for a home that you will look for? You would like to keep the payments (plus property tax) to $4000/month. You want to have a 15-year fixed rate mortgage so look up the current rates for this type of loan."
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