Duane Miller wants to know what price home he can afford. His annual gross income is $67,200. He has no other debt expenses and expect property taxes and insurance to cost $400 per month. He knows he can get a 8.00% 15 year mortgage so his mortgage payment factor s o, expects to make a 30% down payment. What is Duane's affordable home purchase price? (Round your answer to the nearest whole dollar.)

Duane Miller wants to know what price home he can afford. His annual gross income is $67,200. He has no other debt expenses and expect property taxes and insurance to cost $400 per month. He knows he can get a 8.00% 15 year mortgage so his mortgage payment factor s o, expects to make a 30% down payment. What is Duane's affordable home purchase price? (Round your answer to the nearest whole dollar.)

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 2FPE

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