makeiacobb makeiacobb

01-03-2021
Mathematics

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You can afford a $1150 per month mortgage payment. You've found a 30 year loan at 8: interest compounded monthly. a) How big of a loan can you afford?

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avaresley19 avaresley19

01-03-2021

Answer:

PV= Max Loan amount = PMT*B(i,T) and PMT = 1200. Calculate B(i,T) = B(6%/12, 360)

=(12/.06)(1-(1/(1.005))360) I will let you complete the calculation

Step-by-step explanation:

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