You can afford payments of $950 per month for the purchase of a house. a) What is the largest amount you can finance for this house at 3.2% APR for 30 years? (Round to the nearest dollar.) b) How much total will you be paying the loan company at the end of 30 years for this house if you are paying $950 per month for 30 years? c) Now you are curious what the payments would be if you financed the amount found in part a) at 3.2% APR for 20 years instead of 30 years. How much would your monthly payments be if you financed the amount you found in part a) for 20 years at 3.2% APR? (Round to the nearest dollar.) d) Using the payments you found from part c), how much total will you pay the loan company at the end of 20 years?
You can afford payments of $950 per month for the purchase of a house.
a) What is the largest amount you can finance for this house at 3.2% APR for 30 years? (Round to the nearest dollar.)
b) How much total will you be paying the loan company at the end of 30 years for this house if you are paying $950 per month for 30 years?
c) Now you are curious what the payments would be if you financed the amount found in part a) at 3.2% APR for 20 years instead of 30 years. How much would your monthly payments be if you financed the amount you found in part a) for 20 years at 3.2% APR? (Round to the nearest dollar.)
d) Using the payments you found from part c), how much total will you pay the loan company at the end of 20 years?
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