Jason wants to purchase a co-op and wants to have a monthly payment of $1,750. He is able to get a 15 year mortgage at a rate of 4.25%. How much of a loan can he afford? Lucy just graduated from Seton Hall University and accepted a job with Morgan Stanley in Manhattan. Instead of renting an apartment, her parents encourage her to purchase a small condo in Hoboken. She nds a great one-bedroom condo that is on the market for $210,000. Lucy received cash graduation gifts totaling $30,000 and decides to use a portion of it to put a 10% down payment on the condo. She is able to get a mortgage from Bank of America at a 4.?5% fixed interest rate for 30 years. How much will Lucy nance (how much will her loan be) and what will be her monthly payment for the condo? Renee borrowed $15,000 from her parents to be used to pay off the high interest rate credit card debt that she accumulated over the past couple of years. Her parents are only charging her 4% interest and want her to repay the loan in full in 3 years. How much will Renee have to repay her parents at the end of the 3 years