The Johnsons have accumulated a nest egg of $40,000 that they intend to use as a down payment toward the purchase of a n

[answerhappygod]

The Johnsons have accumulated a nest egg
of $40,000 that they intend to use as a down payment
toward the purchase of a new house. Because their present gross
income has placed them in a relatively high tax bracket, they have
decided to invest a minimum of $2200/month in monthly payments
(to take advantage of the tax deduction) toward the purchase of
their house. However, because of other financial obligations, their
monthly payments should not exceed $2500. If the Johnsons
decide to secure a 15-year mortgage, what is the price
range of houses that they should consider when the local mortgage
rate for this type of loan is 2%/year compounded monthly?
(Round your answers to the nearest cent.)