A young married couple has carefully looked at their budget. After review, they can afford...
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Finance
A young married couple has carefully looked at their budget. After review, they can afford a monthly mortgage payment of $1,083.00. They go to their local banker and she offers them a mortgage of 4.56% 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 homes value.
With this mortgage and a 20% down payment, what priced house can the couple afford?
Round to: 2 decimal places
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