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You want to buy a home, and you have $ 25000 available to cover the down payment and closing costs. Based on your household budget,

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You want to buy a home, and you have $ 25000 available to cover the down payment and closing costs. Based on your household budget, you estimate that you can afford to allocate $ 1200 per month to housing costs. Your real estate agent has given you the following estimates for the monthly nonfinancing costs of home ownership: property taxes, $ 200; homeowner's insurance, $ 75; repairs and maintenance, $ 50. Your lender has provided an estimate of $ 2000 for closing costs. What is the maximum you can affore to pay for a home, assuming current mortgage rates are 6 percent? You may want to use Excel Worksheet 6.6 in solving this problem, $168943 $ 170943 $ 172943 $ 145943

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