Mathematics, 07.10.2019 21:20 gamergladiator43
Over the past 40 years, interest rates have varied widely. the rate for a 30-year mortgage reached a high of 14.75% in july 1984, and it reached 4.64% in october 2010. a significant impact of lower interest rates on society is that they enable more people to afford the purchase of a home. in the following exercise, we consider the purchase of a home that sells for $125,000. assume that we can make a down payment of $25,000, so we need to borrow $100,000. we assume that our annual income is $35,000 and that we have no other debt. assume that property taxes plus insurance total $250 per month. if we can afford to pay a monthly amount of $566.67, determine how much we can borrow if the term is 30 years and the interest rate is 4.64%. (round your answer to the nearest dollar.)$
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Over the past 40 years, interest rates have varied widely. the rate for a 30-year mortgage reached a...
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