Andre Wheeler wants to know what home price he can afford. His annual gross income is $52,800. He has no other debt expenses and expects property taxes and insurance to cost $320 per month. He knows he can get a 5.00 percent, 15-year mortgage so his mortgage payment factor is 7.91. He expects to make a 15 percent down payment. What is Andre's affordable home purchase price?

Andre Wheeler wants to know what home price he can afford. His annual gross income is $52,800. He has no other debt expenses and expects property taxes and insurance to cost $320 per month. He knows he can get a 5.00 percent, 15-year mortgage so his mortgage payment factor is 7.91. He expects to make a 15 percent down payment. What is Andre's affordable home purchase price?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 5FPE: Home equity lines. Kai and Ivy Harris have a home with an appraised value of $180,000 and a mortgage...

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