college question: you have $13600 set aside as a downpayment towards the purchase price of the house, and you are looking at a 30 year loan at 6.17% interest compounded monthly. your finacial planner has advised you that your mortgage payments for the year should not exceed 25% of your take-home pay. if your yearly take home pay is $31,800, then find the maximum price of a house that you could purchase (while following the advice of your financial planner). use tvm solver, show the variables and calues you entered and solved for.

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matthewrlee · Answer

If you live in the United States you don't have enough income or savings to buy a house, im_dumb. Of course that hasn't stopped anyone before, but you're smart, im_dumb. You know better than to take the risk. Fortunately, today you can probably buy that was once a $130,00.00 for $ 45,000.00. That is if you've not concerned about the school district. But don't take the 6.17% interest rate. That's too high. Shop around.