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Michelle Duncan wants to know what price home she can afford. Her annual gross income is $54,000. She owes $790 per month on other debts
Michelle Duncan wants to know what price home she can afford. Her annual gross income is $54,000. She owes $790 per month on other debts and expects her property taxes and homeowners insurance to cost $240 per month. She knows she can get an 6.50%, 30-year mortgage so her mortgage payment factor is 6.32. She expects to make a 25% down payment. What is Michelle's affordable home purchase price? (Round your answer to the nearest dollar amount.) Multiple Choice O $140.960 o $920 $920 0 0 0 $143,460 $52,970
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