You can afford monthly payments of $400. If current mortgage rates are 3.84% for a 30-year fixed rate loan, how much can you afford to borrow? If you are required to make a 20% down payment and you have the cash on hand to do it, how expensive a home can you afford? (Hint: You will need to solve the loan payment formula for P.) How much can you afford to borrow?

Q: You want to buy a house. Like most people, you may not have enough money to pay cash for the house.…

A: Here monthly alary is given and we need to find the maximum mortgage amount

Q: Brett borrowed $16,000 at 7.2% interest to buy a car. It is a 8-year loan. Find the monthly…

A:

Q: James wants to buy a gaming computer priced at $3,774, but he is not able to pay the amount in full.…

A: James wants to buy a gaming computer priced at $3,774, but he is not able to pay the amount in full.…

Q: Andrew invested $213 for 15 months in a bank and received a maturity amount of $239.50. If he had…

A:

Q: Arnold has determined that he can afford a monthly payment of $325 for a car. If he can obtain a…

A: When the interest is simple, the formula used is A=P(1+rt) , where, A is the final amount, P is the…

Q: You take out a 7 month, $2,000 loan at 8% annual simple interest. How much would you owe at the end…

A:

Q: You want to buy a $29,000 car. The company is offering a 4% interest rate for 36 months (3 years).…

A:

Q: You purchase a sofa costing $1,080 by taking out a 8% add-on interest installment loan. The loan…

A: You purchase a sofa costing $1,080 by taking out a 8% add-on interest installment loan. The loan…

Q: A bank makes a car loan of $27,700, at 5.3% interest and with a loan period of 3 years. What is the…

A:

Q: You have saved $16,000 for a down payment on a house. Your bank requires a minimum down payment of…

A: Consider the provided question, Given, amount available for down payment on a house =  $16,000 And,…

Q: Suppose you want to save in order to purchase a new boat. Take the APR to be 9.2%. You want to have…

A:

Q: Your electric bill is $128. You are charged 12% simple interest for late payments. How much do you…

A: Solution-: Given: Amount of  electric bill is $128. Rate of simple interest =12% . How much do you…

Q: Angela Montery has a five year car loan for a jeep wrangler at an annual interest rate of 6.9% and a…

A: We can use this formula to calculate the payoff amount, A = D1-1+r100n-Rr100n Where D is the monthly…

Q: Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments…

A: Consider the provided question, Borrowers who have taken installment loans sometimes wish to prepay…

Q: How much interest (to the nearest dollar) would be saved on the following loan if the condominium…

A: Loan amount = 264,000 x (70%) = 184,800 Let's assume the monthly payments (EMIs) are made to pay…

Q: Suppose you take out a loan for 180 days in the amount of $12,500 at 16% ordinary interest. After 40…

A: Given, Principal value = $12500 Interest Rate = 16% Time = 180 Days After 40 days, $1000 paid. To…

Q: (a) Find the interest that will be owed after 4 months. (b) Assuming Susan doesn't make any…

A: Given : Annual Interest rate = 5.35% Monthly Interest rate = 5.35%/12 = 0.445% Time period = 4…

Q: You are in the market to buy a home.  You plan on borrowing $361,683 from the bank.  Interest rates…

A:

Q: You have saved $14,000 for a down payment on a house. Your bank requires a minimum down payment of…

A:

Q: Tony's Towing borrows $17,250, at 7.5% interest, for 320 days. If the bank uses the exact interest…

A: Since , formula to find simple interest is I=Prt where, I is interest amount            P is…

Q: t your budget and decide that you can afford $260 per month for a car. What is the maximum loan you…

A: As it is given,  You look at your budget and decide that you can afford d =  $260 per month for a…