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You have just been approved for a 30 year 6.0% fixed home mortgage. The monthly payment that you qualify for is $1112.10. Use the table provided to determine the price of a home that can be purchased. Round your answer to the nearest cent. Monthly Payments per $1000 of Mortgage Interest Rate (%) 10 Years 20 Years 30 Years 40 Years 5.0 10.61 6.60 5.37 4.83 5.5 10.86 6.88 5.68 5.16 6.0 11.11 7.17 6.00 5.51 6.5 11.36 7.46 6.33 5.86

You have just been approved for a 30 year 6.0% fixed home mortgage. The monthly payment that you qualify for is $1112.10. Use the table provided to determine the price of a home that can be purchased. Round your answer to the nearest cent. Monthly Payments per $1000 of Mortgage Interest Rate (%) 10 Years 20 Years 30 Years 40 Years 5.0 10.61 6.60 5.37 4.83 5.5 10.86 6.88 5.68 5.16 6.0 11.11 7.17 6.00 5.51 6.5 11.36 7.46 6.33 5.86

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A Presentation Session Student O Mortgages (Day Two) mative.com/formatives/61f2efb1cf1f11a8dd7366de 4 My Drive M Mail E Google Docs C Clever E English 12 a Indepenent Reading O Each of Us Is More. E Perfect Paper Instr SIS Pa 5. Required 3 You have just been approved for a 30 year 6.0% fixed home mortgage. The monthly payment that you qualify for is $1112.10. Use the table provided to determine the price of a home that can be purchased. Round your answer to the nearest cent. Monthly Payments per $1000 of Mortgage Interest 10 Years 20 Years 30 Years 40 Years Rate (%) 5.0 10.61 6.60 5.37 4.83 5.5 10.86 6.88 5.68 5.16 6.0 11.11 7.17 6.00 5.51 6.5 11.36 7.46 6.33 5.86 Show Your Work $183,147 $186,523 $185,350 $184,789 DELL 女 -> Ce J88 #3 2$ 6. 7 8 3 4 i P y e
Transcribed Image Text:A Presentation Session Student O Mortgages (Day Two) mative.com/formatives/61f2efb1cf1f11a8dd7366de 4 My Drive M Mail E Google Docs C Clever E English 12 a Indepenent Reading O Each of Us Is More. E Perfect Paper Instr SIS Pa 5. Required 3 You have just been approved for a 30 year 6.0% fixed home mortgage. The monthly payment that you qualify for is $1112.10. Use the table provided to determine the price of a home that can be purchased. Round your answer to the nearest cent. Monthly Payments per $1000 of Mortgage Interest 10 Years 20 Years 30 Years 40 Years Rate (%) 5.0 10.61 6.60 5.37 4.83 5.5 10.86 6.88 5.68 5.16 6.0 11.11 7.17 6.00 5.51 6.5 11.36 7.46 6.33 5.86 Show Your Work $183,147 $186,523 $185,350 $184,789 DELL 女 -> Ce J88 #3 2$ 6. 7 8 3 4 i P y e
Expert Solution
Step 1

Given data,

rate(r) = 6%  =0.06/12 =0.005

Monthly EMI = $1112.10

Time(n)= 30*12 = 360 months

 

EMI = P × r × (1 + r)n/((1 + r)n - 1)

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