Use the Table to Determine the Maximum 30-Year Loan That

question 185

Short Answer

Use the table to determine the maximum 30-year loan that you could obtain if you are given the loan rate 6% and the maximum house payment you can afford is $2,460 per month. Round your answer to the nearest cent.
} \\& \text { Monthly Cost to Finance } \$ 1,000 \\& 5 \text { Years } & 10 \text { Years } & 20 \text { Years } & 30 \text { Years } \\\text { Rate of } & \mathrm { N } = 60 & \mathrm {~N} = 120 & \mathrm {~N} = 240 & \mathrm {~N} = 360 \\\text { Interest } & & & & \\6.0 \% & 19.33 & 11.10 & 7.16 & 6.00 \\7.0 \% & 19.80 & 11.61 & 7.75 & 6.65 \\8.0 \% & 20.28 & 12.13 & 8.36 & 7.34 \\9.0 \% & 20.76 & 12.67 & 9.00 & 8.05\end{array}">$\begin{array} { l c c c c } \text { cellpadding="0" cellspacing="0" align="center" width } = " 99 \% " \text { border="1"> } \\& \text { Monthly Cost to Finance } \$ 1,000 \\& 5 \text { Years } & 10 \text { Years } & 20 \text { Years } & 30 \text { Years } \\\text { Rate of } & \mathrm { N } = 60 & \mathrm {~N} = 120 & \mathrm {~N} = 240 & \mathrm {~N} = 360 \\\text { Interest } & & & & \\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\end{array}$ $ __________

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