What is duanes affordable home purchase price

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Reference no: EM131524881

1. Duane MIller wants to know his affordable home purchase price. His annual gross income is $62,400. He has no other debt expenses and expects property taxes and insurance to cost $400 per month. He knows he can get a 10.50%, 15-year mortgage so that his mortgage payment factor is $11.05. He expects to make a 25% down payment. What is Duane's affordable home purchase price?

$107,929

$158,793

$138,207

$209,139

$179,665

2. Michelle Duncan wants to know her affordable home purchase price. Her annual gross income is $49,800. She has $820 per month of other debt and expects her property taxes and homeowners insurance to cost $270 per month. She knows she can get a 8.50%, 30-year mortgage so that her mortgage payment factor is $7.69. She expects to make a 25% down payment. What is Michelle's affordable home purchase price? (Round your answer to the nearest dollar amount.)

$21,110

$253,316

$63,329

$84,439

$48,710

Reference no: EM131524881

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