Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to Exhibit 98 and Exhibit 99) (Round time value factor to 2 decimal places, intermediate and final answers to the nearest whole number.) Monthly gross income $ 3,400 Down payment to be made (percent of purchase price) 10 Percent Other debt (monthly payment) $ 215 Monthly estimate for property taxes and insurance $ 255 30year loan 7.5 Percent
what is

Monthly gross Income  $3,400  
38% of monthly gross income ( 3,400 x 38% or 0.38)  1,292  
Other debt  
Monthly payment  215  
Taxes and insurance  255  
a  Affordable monthly mortgage payment(1,292  215  255 )  $822 
Monthly mortgage payment per $1000  7.5%  
b  Affordable mortgage amount (822/7.5%)1000  $109,600 
Down payment  10%  
c  Affordable home purchase(109,600)/(110%)  $121,111.111 
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