Mortgage Payment/Income Help! Please help!

May 19th, 2015
Price: $5 USD

Question description

Dave and Dianne just purchased a $300,000 house and are paying a monthly mortgage payment of $3,000, including insurance and taxes. If repair and maintenance costs on average are 1% of the home value per year, how much do Dave and Dianne spend on housing in the year? What is the minimum income that they need to earn for the house to be affordable?

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