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ily50
03.08.2020 •
Mathematics
A certain family can afford a monthly mortgage payment of $1,340.00. With an APR of 5.25% per annum, what is the maximum mortgage amount they can afford if they prefer a 20-year amortization period?
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Ответ:
$198,859.03
Step-by-step explanation:
The amortization formula is good for this. Fill in the given numbers and solve for the unknown.
A = P(r/n)/(1 -(1 +r/n)^(-nt))
where A is the monthly payment, P is the principal amount of the loan, r is the annual interest rate, n is the number of times per year interest is compounded, and t is the number of years.
1340.00 = P(0.0525/12)/(1 -(1 +0.0525/12)^(-12·20)) ≈ 0.00673844·P
P ≈ 1340/0.00673844 ≈ $198,859.03
The family can afford a loan for $198,859.
Ответ:
0.2, 0.33, 0.5, 0.57, 0.83