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Mortgage Payment. Dorothy and Matt are ready to purchase their first home. Their current monthly cash inflows are $5,200, and their current monthly cash outflows
Mortgage Payment. Dorothy and Matt are ready to purchase their first home. Their current monthly cash inflows are $5,200, and their current monthly cash outflows are $4,064. Their rent makes up $676 of their cash outflows. They would like to put 10% of their cash inflows in savings and put another $208 per month in their checking account for emergencies. How much of a mortgage payment can they manage under these conditions? Under these conditions, they can manage a mortgage payment of \$ . (Round to the nearest dollar.)
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