What is the minimum monthly income needed to purchase

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Reference no: EM13146205

A lender requires that monthly mortgage payments be no more than 25% of gross monthly income with a maximum term of 30 years. If you can make only a 15% down payment, what is the minimum monthly income needed to purchase a $300,000 house when the interest rate 6% compounded monthly?

Reference no: EM13146205

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