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Problems 9-11 use the following information: You qualify for a home loan of $350,000 at 7% interest with a 30-year term. Payments on the loan

Problems 9-11 use the following information:

You qualify for a home loan of $350,000 at 7% interest with a 30-year term. Payments on the loan are made monthly. You have savings of $42,000 and would like to pay this amount as a down payment.

How much "home" can you afford?

Do i have to convert the $350K to present value and then add the down payment? or does the $350K assume present value?

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