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What is the sales price

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Mr. Brown earns $48,000 salary per year. In order to qualify for an 85% loan, his monthly PITI payment cannot be more than 28% of his monthly salary. The annual taxes and insurance will be $2,352.60. If the monthly principal and interest payment is $10.87 per $1,000 of loan amount, what is the sales price he can afford?

Reference no: EM133052869

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