Answered

At Westonci.ca, we connect you with experts who provide detailed answers to your most pressing questions. Start exploring now! Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

You can afford a $1100 per month mortgage payment. You've found a 30 year loan at 8% interest.
a) How big of a loan can you afford? Round your answer to the nearest dollar.
b) How much total money will you pay the loan company? Round your answer to the nearest dollar.
c) How much of that money is interest? Round your answer to the nearest dollar.

Sagot :

chasityh1031

Answer:

a) The monthly loan payment is

M=$1100.

The rate of interest per month is

r=0.06 12= 0.005.

The number of months is... 360

=395290

Step-by-step explanation:

Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.