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what is the maximum mortgage amount I can afford? Please show steps in Excel Monthly payments before mortgage: $8,000 Monthly Income: 24,000 Maximum Debt/Income ratio

what is the maximum mortgage amount I can afford? Please show steps in Excel

Monthly payments before mortgage: $8,000

Monthly Income: 24,000

Maximum Debt/Income ratio after mortgage payments: 60%

Mortgage Type: Fixed Rate, 30 years at 5% interest rate.

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