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What is the highest price that you could afford to pay

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Question - Consider yourself to be in the position of being able to pay $1200 per month in mortgage repayments. You can get a 30-year loan, with an interest rate of 8.5% per annum compounded monthly, but you must pay 5% of the cost of the house as an initial payment. You would like to know if you can afford to buy a house in Coogee. Assuming that you have saved enough for the initial payment, what is the highest price that you could afford to pay for a house?

Reference no: EM132929875

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