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What is Michelle affordable home purchase price

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Question - Michelle Duncan wants to know what price home she can afford. Her annual gross income is $48,000. She owes $700 per month on other debts and expects her property taxes and homeowners insurance to cost $200 per month. She knows she can get an 9.00%, 30-year mortgage so her mortgage payment factor is 8.05. She expects to make a 30% down payment. What is Michelle's affordable home purchase price?

Reference no: EM132787759

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