Question
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.]
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 $40,000 and up to $1800 per month on mortgage payments. How much could you have afforded to pay for the home? (Round your answer to the nearest cent.)
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Stability Of Functional Equations In Banach Algebras
Authors: Yeol Je Cho, Choonkil Park, Themistocles M Rassias, Reza Saadati
1st Edition
3319187082, 9783319187082
