Anna and Doug are in the market for a new home.The maximum they can pay is $800
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Question:
Anna and Doug are in the market for a new home. The maximum they can pay is $800 per month. Property taxes and homeowners insurance for this payment are $240 per month. How much house can Anna and Doug finance if the mortgage interest rate is 4.5% per year? The maturity of the housing loan is 31 years (372 months).
The highest affordable home price is $__ (round to nearest dollar)
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