Question

You can afford a $1500 per month mortgage payment. You've found
a 30 year fixed loan at 7.3% interest.

*Round all answers to the nearest cent as needed.*

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? $

**Using the following conversions between the metric and
U.S. systems, convert the measurement.**

*Round your answer to 6 decimal places as needed*

1 meter ≈≈ 3.28 feet

1 Liter ≈≈ 0.26 gallons

1 kilogram ≈≈ 2.20 pounds

**19.621 yd ≈≈ km**

**Using the following conversions between the metric and
U.S. systems, convert the measurement.**

*Round your answer to 6 decimal places as needed*

1 meter ≈≈ 3.28 feet

1 Liter ≈≈ 0.26 gallons

1 kilogram ≈≈ 2.20 pounds

**16.595 fl oz ≈≈ cL**

Answer #1

**Given,**

**Monthly payment = $1500**

**Term = 30 years**

**Interest rate = 7.3% or 0.073**

**Solution :-**

**Monthly rate (r) = 0.073/12 = 0.00608333333**

**Number of months (n) = 30 years x 12 = 360
months**

**Now,**

**(a)**

**Loan amount = Monthly payment/r x [1 - (1 +
r) ^{-n}]**

**= $1500/****0.00608333333 x [1 - (1 +
0.00608333333) ^{-360}]**

**= $1500/0.00608333333 x [1 -
(1.00608333333) ^{-360}]**

**= $1500/0.00608333333 x [1 -
0.11266171292926]**

**= $1500/0.00608333333 x 0.88733828707074 =
$218795.74**

**(b)**

**Total money paid = Monthly payment x number of
months**

**= $1500 x 360 months = $540000**

**(c)**

**Total interest = Total money paid - Loan
amount**

**= $540000 - $218795.74 = $321204.26**

You can afford a $1400 per month mortgage payment. You've found
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$ b) How much total money will you pay the loan company? $ c) How
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c) How much of that money is interest?
$

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