Question

Laila wants to secure a 20-year mortgage and knows she can afford a monthly mortgage payment of $2,500. Her father-in-law will gift her the down payment at 20% of the selling price. The current mortgage rates are 3.3% compounded monthly. (a) How much can Laila afford to finance on her home? (b) What is the selling price of the home that Laila should be looking at? O $1,247,347.20: $1,559.184.00 O $438,800.25; $548,500.31 O $502,182.50; $627,728.13 O $428,890.25; $450,012.45

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Answer to a math question Laila wants to secure a 20-year mortgage and knows she can afford a monthly mortgage payment of $2,500. Her father-in-law will gift her the down payment at 20% of the selling price. The current mortgage rates are 3.3% compounded monthly. (a) How much can Laila afford to finance on her home? (b) What is the selling price of the home that Laila should be looking at? O $1,247,347.20: $1,559.184.00 O $438,800.25; $548,500.31 O $502,182.50; $627,728.13 O $428,890.25; $450,012.45

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Rasheed

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103 Answers

$438,800.25; $548,500.31

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