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I got the First two but i didnt got question 3 and 4.. I got the first two and failed the two, we need to
I got the First two but i didnt got question 3 and 4..I got the first two and failed the two, we need to use Future Value Formula
2 3 4 5 6 7 8 9 10 Next Question 1 of 10 (3 points View problem in a popup 8.5 Section Exercise 53-56 A young couple has saved up $18,000 for a down payment on a home. They are currently paying si, 500 per month to rent a condo. The couple is pre-approved for a 40-year mortgage at 9.2%, and their realtor estimates that they will need to set aside $2,900 for taxes and other costs at the time of sale. Part 1 (a) What is the price of the most expensive home they can buy without raising their monthly housing payment? The maximum price of a home the couple can afford is $205747.49 Part 2 (b) If the couple instead opts for a 15-year mortgage at 7.4%, how much is the most expensive home they can buy? Under this option, the maximum price of a home the couple can afford is $177906.55 Part 3 (c) If the couple were to borrow the maximum amount you found in parts (a) and (b), how much more would they pay in interest with the 40-year mortgage? The couple will pay 499152.51 more in interest using the 40-year mortgage. Correct answer: 422, 159.06 Tutorial he SubStep by Step Solution
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