Maximum purchase price In New York City, a young couple should expect to spend 40 percent of their income on housing. David makes $25,000 per year as an opera singer and Penny makes $60,000 as a teacher. Property taxes and condo fees total $1,000 per month. Mortgage rates on 30-year fixed-rate loans are at 4 percent. The couples parents will gift them the required 10 percent down payment. What can the couple spend on their condo?

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