You can afford to make monthly loan payments of $1,500/month on a house loan. The loan is for 20….
You can afford to make monthly loan payments of $1,500/month on a house loan. The loan is for 20 years at 4% APR. What is the maximum loan that you can afford to borrow? Assume END of period payments.
A. $244,600
B. $247,500
C. $37,500
D. $360,000
You want to invest $2,000/year into an account that earns 8% compounded annually. How much will you have in your account in 20 years? (Beginning of Period)
A. $21,207
B. $360,000
C. $91,524
D. $98,846
Rasheed can afford a monthly car payment of $500 for 6 years at an annual interest rate of 5 percent. Which of the following is closest to the amount he will be able to borrow for a new car? Remember, loans are END of period.
A. $36,000
B. $31,046
c. $41,882
D. $31,176
You can afford to make monthly loan payments of $1,500/month on a house loan. The loan is for 20…
