Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9.)
Note: Round time value factor to 2 decimal places, intermediate and final answers to the nearest whole number.
Monthly gross income
Down payment to be made (percent of purchase price)
Other debt (monthly payment)
Monthly estimate for property taxes and insurance
30-year loan
Affordable
Amount
Affordable monthly mortgage payment
$
751
Affordable mortgage amount
Affordable home purchase price
Mortgage Costs
$ 2,950
15 Percent
$ 160
$ 210
8 Percent