You are looking for a house to buy. Here are wour thmon n wions: rou would be taling a home loan from a bank to cover the purchase price of a house that you would be able to afford. Every month you can afford to spend 52.000 on loan payments. Your local bank has approved you for a 15-year loan, at 5% annual interest rate, requiting monthly loan payments. Given the information above, which of the three houses can you afford to bry?? SOLUTIONS: - You would approsch this problem by first figuring out the maxi if amount thaf unuinan afford to take from your local bark. You can do this math in one More specifically, it's the type of annuity called In your calculations of the loan amount, you will usel for the number of time periods, anc interest rate, amount for the payment. - Your calculated loan amount is For your calculabons, increase decimal places for any infermedlate calculations, from the default 2 to 6 : or Tigher, and only round your final answer fo whole number. - They will allow you to buy