Michelle Duncan wants to know what price home she can afford. Her annual gross income is $45,000. she owes $550 per month on other debts and expects her property taxes and homeowners insurance to cost $225 per month. She knows she can get an 8%, 30 year mortgage so her mortgage payment factor is 7.34. She copects to make a 20% down payment. What is Michelle's affordable home purchase price? Round your answer to the nearest S160. Mint It Use Exhibit s-ar in the formula sheet. Hint 22 in step 2 use 38% of monthly gross income as a guideline for Prti plus other debt payments, $110,700 $38,600 $199,000 542 500 5.354,800