Duane Miller wants to know what price home he can afford. His
annual gross income is $54,000. He has no other debt expenses and
expects property taxes and insurance to cost $490 per month. He
knows he can get a 9.50%, 15 year mortgage so his mortgage payment
factor is 10.44. He expects to make a 15% down payment. What is
Duane's affordable home purchase price? (Round your
answer to the nearest whole dollar.)
Multiple Choice
$132,997
$91,539
$162,471
$112,125
$61,261
Duane Miller wants to know what price home he can afford. His annual gross income is $54,000. He has no other debt expen
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