You can afford monthly payment of $600 if your current mortgage rate or 3. 76% for a 30 year fixed rate loan how much can you afford to borrow if you’re required to make a 10% down payment and you have the cah on hand to do it how expenive a home can you afford

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22-11-2022
Mathematics

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You can afford monthly payment of $600 if your current mortgage rate or 3. 76% for a 30 year fixed rate loan how much can you afford to borrow if you’re required to make a 10% down payment and you have the cah on hand to do it how expenive a home can you afford

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tutorconsortium115 tutorconsortium115 · Answer 1 · 2022-11-24T05:41:33-05:00

A rate of 3.76% per year for 30 years requires an initial principal investment of $281.95 to yield a total return of $600.00,

What is mortgage?

These considerations include the total amount you borrow from the bank, the loan's interest rate, and the time frame for finishing your mortgage repayment. You should use the following formula to calculate your mortgage:

M = P [i(1 + i)n] / [(1 + i)n - 1].

The first step is to convert R percent to r a decimal, which is 3.76%/100 or 0.0376 per year.

Our equation is solved as follows:

M = 600 / (1 + (0.0376 30)) = 281.95488721805 P = $281.95

A rate of 3.76% per year for 30 years requires an initial principal investment of $281.95 to yield a total return of $600.00,

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