Math
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 30year mortgage, what is the price range of houses they should consider? (Round your answers to the nearest cent.)
asked by
Joe
Respond to this Question
Similar Questions

math
The Johnsons have accumulated a nest egg of $19,000 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 
Math
Johnsons accumulated a nest egg of $40,000 to use as down payment toward a new home. Present gross income has them in high tax bracket, decided to invest min $2400/month in payments (for tax break). Financial obligations cannot 
Math
Johnsons accumulated a nest egg of $40,000 to use as down payment toward a new home. Present gross income has them in high tax bracket, decided to invest min $2400/month in payments (for tax break). Financial obligations cannot 
Math 134
A single person could expect to pay $4,760 in income taxes on an adjusted gross income of $34,000 how much more tax should the person expect to pay if her adjusted gross income increased by $2,000, knowing that this owuld not move 
algebra
in a recent year a single person could expect to pay 4160 in income taxes on an adjusted gross income of 26,000. how much more tax should the person expect to pay if her adjusted gross income increased by 4,000 knowing that this 
Math 134
Sorry to bother those who are helping me but I simply just do not understand and really need help. A single person could expect to pay $5220 in income taxes with an adjusted income gross of $29,000. If my adjusted gross increases 
Math college level
Sorry to bother those who are helping me but I simply just do not understand and really need help. A single person could expect to pay $5220 in income taxes with an adjusted income gross of $29,000. If my adjusted gross increases 
Math
in a recent year, a single person could expect to pay $4550 in income taxes on an adjusted gross income of $35,000. how much more tax should the person expect to pay if her adjusted gross income increased by $4000, knowing that 
Algebra
In a recent year, a single person could expect to pay $4200 in income taxes on an adjusted gross income of $30,000. How much more tax should the person expect to pay if her adjusted gross income increased by $3000, knowing that 
math
In a recent, a single person could expect to pay $3400 in income taxes on an adjusted gross income of $34000. How much more tax should the person expect to pay if her adjusted gross income increased by $4000, knowing that this