Suppose you and your spouse have 40000 in a money market, Financial Management

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Suppose you and your spouse have 40000 in a money market

Suppose you and your spouse have $40,000 in a money market account. Now you plan to purchase a house. Your bank requires that your monthly mortgage payment should not exceed 30% of your household income. If your monthly household income is $7,000, and an 6.0% 30 year loan (with a monthly payment) is available, what is the maximum price of a house you can afford?

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Financial Management: Suppose you and your spouse have 40000 in a money market

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