Affordable home purchase price using the above assumptions

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Assume the following: Annual Salary = $65,000 Other monthly debt payments = $250 Estimated monthly property taxes & insurance = $500 Mortgage interest rate = 6.0% Mortgage term = 30 years Down payment = 10% Refer to the Chapter 9 textbook exhibits on housing affordability and mortgage payment factors. Using the formula in the book, what is the affordable home purchase price using the above assumptions?

Reference no: EM131025462

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