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ID: 2810536 • Letter: I
Question
iRoal Portal e Sign ln r Sqn Up Chegg, x M 1 box (110) freizulg gcle/X M Your Clegg om Reset Pass X CSePub Decu nic Publishi X e finance question Chegg.c C https://www.csepub.com/exercise/users answers/8991617/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 $1,115.00. They go to their local banker and she offers them a mortgage 014 80% 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 home's value With this mortgage and a 20% down payment, what priced house can the couple afford? 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 1018 PM 9/26/2018 2Explanation / Answer
Using financial calculator:
PMT=1115
N=30*12
I/Y=4.80%/12
FV=0
CPT PV=$212,516.41
Loan or mortgage=$212,516.41
Property value=$212,516.41/0.8=$265,645.52
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