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ID: 2810535 • Letter: I
Question
iRoar Portal e Sign I r Sqn Up Chegg, x M 1 box (110) fr 12ul@g cl × M Your Cl egg o m Reset Pass × CSePub Deci nic Publishi X e Chegg 5tudy Guiced 501 t C https://www.csepub.com/exercise/users answers/8991 366/edit CSePub Home Book Store Independent Authors About Your Cart tems:Total: $99.99 View Cart A young married couple has carefully locked at their bucget. After review, they can afford a monthly mortgage payment of $1,113.00. They go to their local banker and she offers them a mortgage 014.32% APR with monthly compounding with a term of 30 years. The couple has enough savings to pay 20% down, so the mort age will be 80% t te homes value What is the mortgage that the couple can apply for based on their budget and the offered terms? Answer Format: Currency: Round to: 2 decimal places. Enter Answer Here Submit Answer + Prev Problem A Problems Next Problem Contact Us Privacy Policy TeTIs Copyright 2018 Conley Smith Publishing. All Right reserved. O Type here to search 1016 PM 9/26/2018 2Explanation / Answer
Using financial calculator:
PMT=1113
N=30*12
I/Y=4.32%/12
FV=0
CPT PV=$224,374.11
Property value=$224,374.11/0.8=$280,467.64
Loan or mortgage=$224,374.11
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