Use the Table to Answer the Question ">$\text { cellpadding }=" 0 \text { " cellspacing }=0 " \text { align }=\text { "center" width }=" 99 \% \text { " border }=1 ">$

question 68

Short Answer

Use the table to answer the question.
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$\text { Monthly Cost to Finance } \$ 1,000$

$\begin{array}{lcccc} &{\text { Number of Years Financed }} \\\text { Rate of } & 5 \text { Years } & 10 \text { Years } & 20 \text { Years } & 30 \text { Years } \\\text { Interest } & \mathrm{N}=60 & \mathrm{~N}=120 & \mathrm{~N}=240 & \mathrm{~N}=360 \\6.0 \% & & & & \\7.0 \% & 19.33 & 11.10 & 7.16 & 6.00 \\8.0 \% & 19.80 & 11.61 & 7.75 & 6.65 \\9.0 \% & 20.28 & 12.13 & 8.36 & 7.34 \\10.0 \% & 20.76 & 12.67 & 9.00 & 8.05 \\11.0 \% & 21.25 & 13.22 & 9.65 & 8.78 \\12.0 \% & 21.74 & 13.77 & 10.32 & 9.52 \\& 22.24 & 14.35 & 11.01 & 10.29\end{array}$ Find the amount of the down payment (rounded to the nearest hundred dollars) necessary for the buyer to afford the monthly payments for a $240,000 home with a 30-year 12% loan, if his monthly salary is $3,700 with monthly bill payments of $300. $ __________

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Definitions:

Square Feet

A unit of area measurement equivalent to a square measuring one foot on each side.

Mixed Numbers

Numbers consisting of an integer and a fraction together, representing a value greater than or equal to one.

Improper Fractions

A type of fraction where the numerator (top number) is greater than or equal to the denominator (bottom number), resulting in a value equal to or greater than one.

Lowest Terms

The most basic version of a fraction, in which both the top number (numerator) and bottom number (denominator) are minimized to their lowest possible values.