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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:

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