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.)
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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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.)

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
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education