question archive 1) You have saved $16,000 for a down payment on a house
1) You have saved $16,000 for a down payment on a house
Subject:MathPrice: Bought3
1) You have saved $16,000 for a down payment on a house. Your bank requires
a minimum down payment of 11%. What is the maximum price you can offer for a home in order to have enough money for the down payment? (Round your answer to two decimal places.)
2) The Mendez family is considering a mortgage loan of $351,000 at an annual interest rate of 6.75%.
(a) How much greater is their mortgage payment if the term is 20 years rather than 30 years?
$
(b) How much less is the amount of interest paid over the life of the 20-year loan than over the life of the 30-year loan?
$
