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What is Duane affordable home purchase price

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Question - Duane Miller wants to know what price home he can afford. His annual gross income is $62,400. He has no other debt expenses and expects property taxes and insurance to cost $390 per month. He knows he can get a 9.50%, 15 year mortgage so his mortgage payment factor is 10.44. He expects to make a 15% down payment. What is Duane's affordable home purchase price?

Reference no: EM133129332

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