Mathematics, 15.07.2021 18:10 towlesam
Leah is looking to take out a 30-year mortgage from a bank offering a monthly interest rate of 0.325% Using the formula below, determine the maximum amount Leah can borrow, to the nearest dollar, if the highest monthly payment she can afford is $900.
M=Pr/(1-(1+r)^-n)
M= the monthly payment
P= the amount owed
r= the interest rate per month
n= the number of payments
Answers: 1
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Leah is looking to take out a 30-year mortgage from a bank offering a monthly interest rate of 0.325...
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