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}$ $ __________

---

Definitions:

Ability and Talent

Natural aptitude or skill possessed by individuals that enable them to perform certain tasks effectively.

High Rank Positions

Occupations or titles within an organization or society that carry a high level of authority, responsibility, and status.

Kingsley Davis

A prominent American sociologist known for his work on human society, demography, and the study of family structure and urban populations.

Greater Rewards

Greater rewards are more substantial or significant benefits or compensations offered or received as a result of achieving higher goals or performing exceptionally well.