anonymous
  • anonymous
You can afford a $700 per month mortgage payment. You’ve found a 30 year loan at 5% interest. a. How big of a loan can you afford? b. How much total money will you pay the loan company? c. How much of that money is interest?
Mathematics
jamiebookeater
  • jamiebookeater
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Jacob902
  • Jacob902
b
anonymous
  • anonymous
Huh?
dumbcow
  • dumbcow
there are different formulas for this here is one example: http://www.financeformulas.net/Formula%20Images/PV%20of%20Annuity%201.gif plug in 700 for P and .05/12 for r

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dumbcow
  • dumbcow
you can also find mortgage calculators online

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