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What is the most expensive house you can afford

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Question - After several years of hard work, you have saved $30,000 which you plan to use as a down payment on a house. You can take out a mortgage loan to finance the rest of the purchase cost and you feel that a $1,500 monthly mortgage payment would fit comfortably in your budget. If 30-year mortgage loans are available for an interest rate of 6% per year with monthly compounding, what is the most expensive house you can afford?2. After several years of hard work, you have saved $30,000 which you plan to use as a down payment on a house. You can take out a mortgage loan to finance the rest of the purchase cost and you feel that a $1,500 monthly mortgage payment would fit comfortably in your budget. If 30-year mortgage loans are available for an interest rate of 6% per year with monthly compounding, what is the most expensive house you can afford?

Reference no: EM133012239

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