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Determining the home price

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Patches earns a monthly gross income of $7,000. Interest rates are at 4% for a 30 year LPM (factor = .004774) and lenders require a down payment of 10%. PMI costs .78% of the OLB per year and insurance and taxes amount to 3.2% of the home value per year. Using a front ratio of 28%, Patches can afford a home priced at:

Reference no: EM132932853

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