Question

The McBertys have $30,000 in savings to use as a down payment on a new home....

The McBertys have $30,000 in savings to use as a down payment on a new home. They also have determined that they can afford between $1,700 and $1,800 per month for mortgage payments. If the mortgage rates are 11% per year compounded monthly, what is the price range for houses they should consider for a 30-year loan? (Enter solutions from smallest to largest. Round your answers to the nearest cent.)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A couple purchasing a home budget $1,800 per month for their loan payment. If they have...
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! :)))
The Johnsons have accumulated a nest egg of $30,000 that they intend to use as a...
The Johnsons have accumulated a nest egg of $30,000 that they intend to use as a down payment toward the purchase of a new house. Because their present gross income has placed them in a relatively high tax bracket, they have decided to invest a minimum of $1100/month in monthly payments (to take advantage of the tax deduction) toward the purchase of their house. However, because of other financial obligations, their monthly payments should not exceed $1400. If the Johnsons...
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 $
A couple purchasing a home budget $1,400 per month for their loan payment. If they have...
A couple purchasing a home budget $1,400 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) 6.3% compounded monthly $    (b) 7.2% compounded monthly $
A couple purchasing a home budget $1900 per month for their loan payment. If they have...
A couple purchasing a home budget $1900 per month for their loan payment. If they have $29,000 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
You have saved $5,000 for a down payment on a new car. The largest monthly payment...
You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $400. The loan will have a 15% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? For 60 months? Do not round intermediate calculations. Round your answers to the nearest cent.
You have saved $5,000 for a down payment on a new car. The largest monthly payment...
You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $450. The loan will have a 9% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent. $   What is the most expensive car you can afford if you finance it for 60 months? Do not round...
You have saved $3,000 for a down payment on a new car. The largest monthly payment...
You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $350. The loan will have an 8% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent. What is the most expensive car you can afford if you finance it for 60 months? Do not round intermediate...
You have saved $3,000 for a down payment on a new car. The largest monthly payment...
You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $300. The loan will have a 10% APR based on end-of-month payments. A.What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent. B. What is the most expensive car you can afford if you finance it for 60 months? Do not round...
You have saved $3,000 for a down payment on a new car. The largest monthly payment...
You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $300. The loan will have a 9% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? For 60 months? Do not round intermediate calculations. Round your answers to the nearest cent. Financed for 48 months: $   Financed for 60 months: $