You have just been approved for a 30 year 5.5% fixed home mortgage. The monthly payment that you qualify for is $879.32. Use the table provided to determine the price of a home that can be purchased. A 5-column table with 4 rows titled Monthly Payments per 1000 dollars of mortgage. Column 1 is labeled Interest Rate (percent) with entries 5, 5.5, 6, 6.5. Column 2 is labeled 10 Years with entries 10.61, 10.86, 11.11, 11.36. Column 3 is labeled 20 years with entries 6.60, 6.88, 7.17, 7.46. Column 4 is labeled 30 years with entries 5.37, 5.68, 6.00, 6.33. Column 5 is labeled 40 years with entries 4.83, 5.16, 5.51, 5.86.
a.
$154,267
c.
$156,753
b.
$154,810
d.
$157,153