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Estimating a monthly mortgage payment

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Question 1: Estimating a Monthly Mortgage Payment: Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation:

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

25-year loan at 6.5 percent.

Reference no: EM132544244

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