After graduation, you get a great job. You budget $$1,000$ per month towards housing. You'd like to buy a house. Assume that the interest rate $=4\%$ for a $30-$year mortgage.

a$.$ How much can you borrow?

i$.$ $$209,461\mathrm{.}24$

ii$.$ $$207,504\mathrm{.}40$

iii. $$694,049\mathrm{.}40$

iv$.$ $$24,999\mathrm{.}98$

b$.$ Eight years into the mortgage, your company decides to relocate you to Hawaii. How much must you pay the bank to pay off your mortgage? $($What is the balance left on the loan?$)$

i$.$ $$207,018\mathrm{.}52$

ii$.$ $$175,382\mathrm{.}89$

iii. $$113,461\mathrm{.}24$

iv$.$ $$153,604\mathrm{.}91$

c$.$ Interest paid on mortgages is tax deductible. What is the interest you paid in year $8?$

i$.$ $$12,000\mathrm{.}00$

ii$.$ $$7,121\mathrm{.}66$

iii. $$4,878\mathrm{.}34$

iv$.$ $$7,210\mathrm{.}45$