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question 104

Multiple Choice

Use the table to answer the question. }">$\text { cellpadding }=" 0 \text { " cellspacing }=" 0 \text { " align }=\text { "center" width=" } 99 \% \text { " border="1"> }$

$\text { Monthly Cost to Finance } \$ 1,000$

$\begin{array}{llccc} &{\text { Number of Years Financed }} \\\text { Rate of } & 5 \text { Years } & 10 \text { Years } & \text { 20 Years } & 30 \text { Years } \\\text { Interest } & \mathrm{N}=60 & \mathrm{~N}=120 & \mathrm{~N}=240 & \mathrm{~N}=360 \\6.0 \% & 19.33 & 11.10 & 7.16 & 6.00 \\7.0 \% & 19.80 & 11.61 & 7.75 & 6.65 \\8.0 \% & 20.28 & 12.13 & 8.36 & 7.34 \\9.0 \% & 20.76 & 12.67 & 9.00 & 8.05 \\10.0 \% & 21.25 & 13.22 & 9.65 & 8.78 \\11.0 \% & 21.74 & 13.77 & 10.32 & 9.52 \\12.0 \% & 22.24 & 14.35 & 11.01 & 10.29\end{array}$ Find the amount of the down payment (rounded to the nearest hundred dollars) necessary for the buyer to afford the monthly payments for a $130,000 home with a 30-year 8% loan, if his monthly salary is $2,600 with monthly bill payments of $500.

• A) $103,000
• B) $7,300
• C) $800
• D) $27,000
• E) $9,500

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