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B. Moderate Income Family of Four: <br />Median Household Income: $36,800 <br />Moderate Income: .8 to 1.2 x (36,800) = $29,440 - $44,160 <br />Median Gross Monthly Income: $36,800 - 12 = $3,067 /month <br />Federal Withholding (Estimated): $450 <br />Net Effective Income (NEI): 3,067 -450 = $2,617 1month <br />Affordable Monthly Housing Cost: .35(2,617) = $916 <br />Average Monthly Utilities, Maintenance, Insurance: $108 +85 +40 = $233 <br />Affordable Principal, Interest and Taxes: 916 -233 = $683 <br />683 = .00875 x mortgage + .001 sales price (SP) <br />683 = .00875 x (.95 SP + $500 + .001 SP) <br />683 = .008336 SP + $4.39 + .001 SP <br />683 = .009336 SP + 4.39 <br />683 -4.39 = .009336 SP <br />678.61 = .009336 SP <br />678.61 .009336 = SP = $72,688 <br />75C -803 <br />