A young engineer earns $50,000 gross income, of which $35,000 is take-home. A car payment of $210 per month is made and is expected to continue at this rate for at least five years. For average-sized two-bedroom homes in this geographic area. annual costs are estimated as follows: heating, $600; electricity, $800; water, $400: phone, $500; insurance, $280; maintenance and repairs, $300: and property tax $1800. Estimate the maximum affordable house for this individual if the mortgage interest rate is 8% compounded monthly over 30 years, assuming a 10% down payment.
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