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August 20, 2014

Homework Help: Math

Posted by Joe on Tuesday, October 1, 2013 at 7:20pm.

The Johnsons have accumulated a nest egg of $27,000 that they intend to use as a down payment toward the purchase of a new house. Because their present gross income has placed them in a relatively high tax bracket, they have decided to invest a minimum of $1300/month in monthly payments (to take advantage of the tax deduction) toward the purchase of their house. However, because of other financial obligations, their monthly payments should not exceed $1600. If local mortgage rates are 9.5%/year compounded monthly for a conventional 30-year mortgage, what is the price range of houses they should consider? (Round your answers to the nearest cent.)

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