Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7. (Round your intermediate and final answers to the nearest whole dollar.) Monthly gross income Other debt (monthly payment) 15-year loan at $ 3,490 $ 250 6 percent Down payment to be made (percent of purchase price) Monthly estimate for property taxes and insurance 15 percent $ 180 Answer is complete but not entirely correct. Affordable monthly mortgage payment $ 751 X Affordable mortgage amount $ 133,636 X Affordable home purchase $ 148,484 x

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