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CFP® Practice Question: Calculating Mortgage Payments

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Colin Farrell has a gross annual income of $48,000.  The current interest rate for 30-year mortgages is 7%.  The house that Colin is considering has property taxes of $3,100 and insurance of $800. How large a mortgage can Colin afford?

  1. $119,495
  2. $148,908
  3. $150,308
  4. $168,344