the johnsons have accumulated a nest egg of $50,000 that they intend to use as a down payment toward the purchase of a new house. because their present gross income has placed them in a relatively high tax bracket, they have decided to invest a minimum of $2300/month in monthly payments (to take advantage of the tax deduction) toward the purchase of their house. however, because of other financial obligations, their monthly payments should not exceed $2900. if local mortgage rates are 4.5%/year compounded monthly for a conventional 30-year mortgage, what is the price range of houses that they should consider? (round your answers to the nearest cent.)
