Suppose you are considering buying an apartment, your annual gross income is $82,000. You are allowed 35% of monthly gross income for PITI. Assume that your monthly consumption for living is $500, monthly property taxes and insurance amount to be $450. You can get a 25-year mortgage with an interest rate of 6%, and repayments at the end of each month. You do not want to pay PMI, so you will pay at least 80% of the apartment via mortgage loan. Calculate your affordable purchase price for the apartment