How expensive of a house can they afford

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Reference no: EM131566839

Katherine and Ryan want to purchase a new house and feel that they can afford a mortgage payment of $600 a month for 25 years. They are able to obtain a 4% mortgage (compounded monthly), but must put down 10% of the mortgage value of the house now. Assuming that they have enough savings for the down payment, how expensive of a house can they afford? They can afford a $ house.

Reference no: EM131566839

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