You’ve finally found your dream home! Unfortunately, you didn’t estimate how much you could spend per month before you went house hunting, and the house you fell in love with has a price tag of $310000. The monthly payments for your house can be found in the image below: About how much take-home pay will you have to make a year if you want your house payments to amount to 33% of your income? (Round to the nearest thousand.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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You’ve finally found your dream home! Unfortunately, you didn’t estimate how much you could spend per month before you went house hunting, and the house you fell in love with has a price tag of $310000. The monthly payments for your house can be found in the image below:

About how much take-home pay will you have to make a year if you want your house payments to amount to 33% of your income? (Round to the nearest thousand.)

$310,000
Price of Home
$62,000
Down Payment
$248,000
Loan Amount
30-Year Fixed @ 3.79%
PRINCIPAL & INTEREST ESTIMATE
$1,154/mo
Property Tax Estimate
$258/mo
Homeowners Insurance Estimate
$135/mo
Utilities Estimate
$242/mo
$41,789
TOTAL MONTHLY PRICE
Transcribed Image Text:$310,000 Price of Home $62,000 Down Payment $248,000 Loan Amount 30-Year Fixed @ 3.79% PRINCIPAL & INTEREST ESTIMATE $1,154/mo Property Tax Estimate $258/mo Homeowners Insurance Estimate $135/mo Utilities Estimate $242/mo $41,789 TOTAL MONTHLY PRICE
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