Question

A couple purchasing a home budget $1700 per month for their loan payment. If they have $15,000 available for a down payment and are considering a 25-year loan, how much can they spend on the home at each of the following rates? (Round your answers to the nearest cent.)
(a) 6.9% compounded monthly
$ 1

(b) 7.1% compounded monthly

May 1, 2011

A: 205,379.74
B: 94,262.53

Apr 27, 2017

Related Questions

subject is purchasing a home for $45,00.00 with $5,000.00 down payment @ 11% interest. Will this be... CORRECTION TO AMOUNT WITH PRIOR QUESTION:subject is purchasing a home for $45,000.00 with $5,000.00... Car loan interest rate is 7% loan payment $600 month 36 months left on loan If pay an addition...