Suppose you want to purchase a house. Your take-home pay is $3650 per month, and you wish to stay 1 within the recommended guidelines for mortgage amounts by only spending of your take-home pay 4 on a house payment. You have $17,300 saved for a down payment and you can get an APR from your bank of 4.95 %, compounded monthly. What is the total cost of a house you could afford with a 15-year mortgage? Round your answer to the nearest cent, if necessary.

Suppose you want to purchase a house. Your take-home pay is $3650 per month, and you wish to stay 1 within the recommended guidelines for mortgage amounts by only spending of your take-home pay 4 on a house payment. You have $17,300 saved for a down payment and you can get an APR from your bank of 4.95 %, compounded monthly. What is the total cost of a house you could afford with a 15-year mortgage? Round your answer to the nearest cent, if necessary.

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Similar questions

Suppose a bank offers you a 5.1% interest rate on a 25-year mortgage to be paid back with monthly payments. Suppose the most you can afford to pay in monthly payments is $1650. How much of a mortgage could you afford? $273,956.80 $274,659.34 $279,456.84 $297,156.48
Frank Cronin must make a balloon pay- ment of $20,000 in 4 years. Find the present value of the payment if it includes annual interest of 6.5% compounded monthly.
Consider a 20-year mortgage for $194,811 at an annual interest rate of 5.3%. After 8 years, the mortgage is refinanced to an annual interest rate of 2.5%. What are the monthly payments after refinancing? Round your answer to the nearest dollar.
A new furniture set costs $2500. If you make a down payment of $500 ad finiance the rest at a rate of 8% for 18 months find the monthly payments on your loan. How much will you have to paid in interest over the course of the loan?
Suppose you want to purchase a $322,000 home, and you have the required $60,000 down payment in savings. Complete the table below for a mortgage option presented by a mortgage broker. Principal Interest Rate Terms (years) Payment Total of Payments over Life of Loan Total Interest Paid over Life of Loan $262,000 3.750% 20
Bisa is leasing a vehicle worth $20,000, with a down payment of $1000 and equal payments at the beginning of every two weeks for three years. What is the size of each lease payment if the cost of borrowing is 6.75% compounded monthly and the residual value is $10,500? The Textbook answer says $147.34.