What is michelle affordable home purchase price

Assignment Help Financial Accounting

Reference no: EM132807864

Problem 1: 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? (Round your answer to the nearest dollar amount.)

Multiple Choice

Option 1: $110,027
Option 2: $820
Option 3: $47,100
Option 4: $820
Option 5: $107,8077

Reference no: EM132807864

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