needhelpmath2000
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- May 25, 2015
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I am having hard time understanding this question. any help would be great. My understanding is that total loan is 217.39x that would to be paid off in 25 years (300 payments) and you also can afford down payment?? of 30,000 but help would be great.
Suppose a payment of X dollars per month pays of a loan of 217.39X dollars in 25 years and that you have cash on hand in the amount of $30,000. You plan on buying a house.
(a) Express the house price you can afford as a function of the monthly mortgage payment you can afford and vice versa.
(b) You are considering to use 6R dollars for renovation costs (assume 6R <= 30; 000). If you keep the same monthly mortgage payment,
in percentage terms, how much does the house price you can afford decrease?
so far:
Total can afford= 217.39x+30,000
Total payments= 300x-(30,000/(217.39x))
Suppose a payment of X dollars per month pays of a loan of 217.39X dollars in 25 years and that you have cash on hand in the amount of $30,000. You plan on buying a house.
(a) Express the house price you can afford as a function of the monthly mortgage payment you can afford and vice versa.
(b) You are considering to use 6R dollars for renovation costs (assume 6R <= 30; 000). If you keep the same monthly mortgage payment,
in percentage terms, how much does the house price you can afford decrease?
so far:
Total can afford= 217.39x+30,000
Total payments= 300x-(30,000/(217.39x))