Duane Miller Wants to Know What Price Home He Can

question 11

Multiple Choice

Duane Miller wants to know what price home he can afford.His annual gross income is $60,000.He has no other debt expenses and expects property taxes and insurance to cost $500 per month.He knows he can get a 6%,15 year mortgage so his mortgage payment factor is 8.43.He expects to make a 10% down payment.What is Duane's affordable home purchase price? Round your answer to the nearest $100.

• A)$148,300
• B)$177,900
• C)$151,600
• D)$197,700
• E)$1,483,000

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