A young married couple has carefully looked at their budget. After review, they can afford a...

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A young married couple has carefully looked at their budget. After review, they can afford a monthly mortgage payment of $1,153.00. They go to their local banker and she offers them a mortgage of 5.76% APR with monthly compounding with a term of 30 years. The couple has enough savings to pay 20% down, so the mortgage will be 80% of the home's value. With this mortgage and a 20% down payment, what priced house can the couple afford? Submit Answer format: Currency: Round to: 2 decimal places. A young married couple has carefully looked at their budget. After review, they can afford a monthly mortgage payment of $1,153.00. They go to their local banker and she offers them a mortgage of 5.76% APR with monthly compounding with a term of 30 years. The couple has enough savings to pay 20% down, so the mortgage will be 80% of the home's value. With this mortgage and a 20% down payment, what priced house can the couple afford? Submit Answer format: Currency: Round to: 2 decimal places.

Answer rating: 100% (QA)

We must apply the mortgage amount formula to determine the highest expensive home the couple can aff... View the full answer