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Real Estate Sales Agent

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AVG. SALARY

$55,230

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EDUCATION

Post-secondary training +

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JOB OUTLOOK

Stable

Real-Life Activities

Real-Life Math -- Solution

First, figure out the monthly payments.

$5,400 income per month x 0.33 percent = $1,782 mortgage payment per month

$1,782 per month is approximately 1 percent of the entire mortgage, therefore the mortgage is $178,200 (divide 1,782 by 0.01).

Add the $60,000 down payment to the mortgage:

$60,000 + $178,200 = $238,200

Your client, the Smiths, can consider buying houses in the price range of $230,000 to $240,000.