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A couple purchasing a home budget $1600 per month for their loan payment. If they have...

A couple purchasing a home budget $1600 per month for their loan payment. If they have $19,000 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)    6.4% compounded monthly
$

(b)    7.1% compounded monthly
$

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Calculation of amount they can spend on the home at each of the following rates is as follows:

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