Question

A couple purchasing a home budget $1,800 per month for their loan payment. If they have $17,000 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) 5.7% compounded monthly

$_______________

(b) 7.8% compounded monthly

$______________

Please use proper formula otherwise the question will be wrong thank you! :)))

Answer #1

**Solution:**

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(a) 6.3% compounded monthly
$
(b) 7.2% compounded monthly
$

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$
(b) 7.1% compounded monthly
$

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a)6.4% compounded monthly
b)7.1% compounded monthly

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PV AND LOAN ELIGIBILITY
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