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  3. the johnsons have accumulated a nest egg of $40,00

The Johnsons have accumulated a nest egg of $40,000 that they intend to use as a...

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Advance Math

The Johnsons have accumulated a nest egg of $40,000 that theyintend to use as a down payment toward the purchase of a new house.Because their present gross income has placed them in a relativelyhigh tax bracket, they have decided to invest a minimum of$2300/month in monthly payments (to take advantage of the taxdeduction) toward the purchase of their house. However, because ofother financial obligations, their monthly payments should notexceed $2900. If local mortgage rates are 3.5%/year compoundedmonthly for a conventional 30-year mortgage, what is the pricerange of houses that they should consider? (Round your answers tothe nearest cent.)

leastexpensive    $
mostexpensive    $

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