The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. HINT (See Examples 5 and 7.] Loan Type 30-Year Mortgage 15-Year Mortgage 5-Year Car Loan 4-Year Car Loan Credit Cards October Rate (%) 3.93 3.14 4.30 4.24 13.10 November Rate (%) 4.09 3.31 4.31 4.26 13.10 December Rate (%) 4.09 3.34 4.34 4.29 13.10 You were considering buying a home with a 30-year mortgage in November 2015 and could afford to make a down payment of $60,000 and up to $600 per month on mortgage payments. How much could you have afforded to pay for the home? (Round your answer to the nearest cent.) $ Need Help? Read It Talk to a Tutor