Question
You want to finance your new home with a 15 year fixed rate mortgage. The APR is 4%. You know the maximum monthly payment you
You want to finance your new home with a 15 year fixed rate mortgage. The APR is 4%.
You know the maximum monthly payment you can afford is $2550. What is the maximum amount of mortgage loan you can take out? (Hint: you need to figure which TVM element you need to calculate here)
You must round up your answer to integer. (For example, if you answer is 530035.67, you must write 530036)
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Contemporary Economics An Applications Approach
Authors: Robert Carbaugh
8th Edition
1138652199, 978-1138652194
