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Find how expensive a house can afford to buy

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Problem 1: You and two friends are considering buying a house in Pasay City, to live here together after you graduate. You can get a 15-year fixed-rate mortgage with a mortgage rate of 5% if you make a 20% down payment on the house. You will split the monthly mortgage payment equally among the three of you. Each of the three of you can afford to contribute up to P1,000 per month towards the mortgage payment. You each have P10,000 available towards the down payment. How expensive a house can you afford to buy?

Reference no: EM132918981

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