Question

3. You can afford a $1400 per month mortgage payment. You've found a 30 year loan at 8% interest.
a) How big of a loan can you afford?

b) How much total money will you pay the loan company?

c) How much of that money is interest?

4. ind the time required for an investment of 5000 dollars to grow to 6200 dollars at an interest rate of 7.5 percent per year, compounded quarterly.
Round your answer to two decimal places
Your answer is t= ____years

Answer 1