How much will you need to put down order to buy this house

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You are going to purchase a house which costs $250,000. your annual income is currently $60,000. The bank you are going to get the mortgage from uses a 28% qualifying rate (a maximum of 28% of your gross monthly income can go to your monthly payment). How much will you need to put down in order to buy this house?

Reference no: EM13158388

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