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Suppose you are interested in buying a home valued at $500,000, and 30-year fixed-rate mortgages have an interest rate of 6%. What is your minimum down payment; assume you will borrow with a conventional mortgage? If property taxes and homeowners’ insurance total $500 per month, and you have other loan payments totaling $300 per month, how much do you need to earn on a monthly basis to qualify for a mortgage?

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Financial Management, Finance

Category:- Financial Management
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