The Jacksons want to buy a condo in Langley. This will be their first property. Their combined gross annual salary is $108,000. They estimate that the property taxes are $2,400/year, strata fees $200/month and heating costs average $50/month. Banks use the affordability rule: no more than 32% of gross monthly hosehold income can go tawards paying the mortgage, property taxes, heating costs and 50% of the condo fees. What is the maximum monthly mortgage payment they could afford? Your Answer:
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