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What is the maximum house price you could afford

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Question - With an income of $60,000 per year and no long-term debt, what is the maximum house price you could afford if the bank required that you satisfy the 28/36 rule and make a 20% down payment? Assume you would be obtaining a 30 year fixed rate loan at an interest rate on the loan would be 3%. Assume that property taxes and insurance amount to $400 per month.

Reference no: EM133161387

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