1 answer

You and your spouse want to buy a house. You feel that you can make monthly...

Question:

You and your spouse want to buy a house. You feel that you can make monthly payments of $2,400. The bank is offering a loan r
You and your spouse want to buy a house. You feel that you can make monthly payments of $2,400. The bank is offering a loan rate of 3.85% for monthly payments over 20 years. Estimate what you can afford to spend on a home. [Present the answer rounded to no decimal places. For instance 259462) points Shipped Numeric Response References

Answers

rate positively ..

we have to use financial calculator to solve this
put in calculator
FV 0
PMT -2400
I 3.85%/12 0.32083%
N 20*12 240
compute PV $401,266.95
ans = $401,267
.

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