You have just been approved for a 30 year 5.5% fixed home mortgage. the monthly payment that you qualify for is $532.10. use the table provided to determine the price of a home that can be purchased. round your answer to the nearest cent.

$93,679.58

Step-by-step explanation:

You have just been approved for a 30 year 5.5% fixed home mortgage.

Your monthly payment for mortgage = $532.10

As per given table on $1000 of mortgage at 5.5% for 30 years the monthly payment would be = $5.68

Let the mortgage value of the home = x

monthly payment is 5.68 per $1000 of mortgage =

If the monthly payment is $532.10 on x amount of mortgage, the amount of mortgage would be =

= $93,679.5774 ≈ $93,679.58

The mortgaged price of the home would be $93,679.58