Fin474:Estimate the affordable monthly mortgage payment, the affordable mortgage amount 1 answer below »

Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation (see Exhibit 7–6).

Monthly gross income, $2,950 Down payment to be made—15 percent of purchase price

Other debt (monthly payment), $160 Monthly estimate for property taxes and insurance, $210

30-year loan at 8 percent.

Based on example A (with other debts), Exhibit 7-6 (p. ___)

Affordable monthly mortgage payment, $751

Affordable mortgage amount, $102,316

Affordable home purchase, $120,372

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