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Estimate the affordable monthly mortgage payment

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Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation using the Total Debt Service ratio. (Refer to Exhibit 7-7 and Exhibit 7-8) (Round time value factor to 2 decimal places, intermediate and final answers to the nearest dollar amounts. Omit the "tiny_mce_markerquot; sign in your response.)

Monthly gross income$4,700
Down payment to be made (percent of purchase price) 20 percent
Other debt (monthly payment)$260
Monthly estimate for property taxes and insurance$1,030
25-year loan at 8.5 percent

Affordable monthly mortgage payment: $
Affordable mortgage amount: $
Affordable home purchase price: $

Reference no: EM132689630

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