3. Can Hussein afford to buy a $400,000 home? Husseins annual salary is $84,000 and...
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3. Can Hussein afford to buy a $400,000 home? Husseins annual salary is $84,000 and he has a monthly debt payment of $350. Property tax and insurance on the home would be $500 per month. With a 20% down payment, 30-year mortgage at an interest rate of 6%, determine if Hussein can afford this house. Show work. Also, calculate the monthly mortgage payment on this house with 20% down.
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