Suppose you want to purchase a house. Your take-home pay is $2630 per month, and...
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Suppose you want to purchase a house. Your take-home pay is $2630 per month, and you wish to stay within the recommended guidelines for mortgage amounts by only spending 1/4of your take-home pay on a house payment. You have $15,300 saved for a down payment and you can get an APR from your bank of 3.7 %, compounded monthly. What is the total cost of a house you could afford with a 30-year mortgage? Round your answer to the nearest cent, if necessary.
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