SOLUTION: Nina and Tom would like to purchase a new home, but they are not sure if they can afford the $2420/month mortgage payment. A finance company is willing to finance the purchase at 7
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Question 1083034: Nina and Tom would like to purchase a new home, but they are not sure if they can afford the $2420/month mortgage payment. A finance company is willing to finance the purchase at 7% and 30-year term. What is the amount of money they are considering borrowing? Found 2 solutions by addingup, MathTherapy:Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! 2420*360 = 871200
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x(1+(0.07/12))^12*30 = 871200
x*8.02 = 871200
x = 871200/8.02
x = 108628.43
You can put this solution on YOUR website!
Nina and Tom would like to purchase a new home, but they are not sure if they can afford the $2420/month mortgage payment. A finance company is willing to finance the purchase at 7% and 30-year term. What is the amount of money they are considering borrowing?
Correct answer: They're borrowing:
IGNORE all other NONSENSICAL and RIDICULOUS answers.
