The Johnsons have accumulated a nest egg of $$40,000$ that they intend to use as a down payment toward the purchase of a new house. Because their present gross income has placed them in a relatively high

tax bracket, they have decided to invest a minimum of $$\frac{2500}{?}$ month in monthly payments $($to take advantage of the tax deduction$)$ toward the purchase of their house. However, because of other financial

obligations, their monthly payments should not exceed $$2800.$ If the Johnsons decide to secure a $15-$year mortgage, what is the price range of houses that they should consider when the local mortgage rate for

this type of loan is $4\frac{\%}{?}$ year compounded monthly? $($Round your answers to the nearest cent.$)$

least expensive $

most expensive $

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