Mathematics, 27.07.2019 23:00 superfly903
Randy can afford a $1200 monthly mortgage payment. if the current mortgage rates are 5% and he wishes to have a 30-year mortgage, what is the maximum amount he can afford to borrow? show your work.
Answers: 1
![PV = P_{m} *[\frac{1-\frac{1}{(1+r)^{N} } }{r} ] \\\\ PV = 1200 *[\frac{1-\frac{1}{(1+0.00416667)^{360} } }{0.00416667} ] \\\\ PV = 1200 *[\frac{1-\frac{1}{(1.00416667)^{360} } }{0.00416667} ] \\\\ PV = 1200 *[\frac{1-\frac{1}{4.467744319 } }{0.00416667} ] \\\\ PV = 1200 *[\frac{1-0.223826595 }{0.00416667} ] \\\\ PV = 1200 *[\frac{0.776173404}{0.00416667} ] \\\\ PV = 1200 * 186.2814681 \\\\ PV = 223,537.7617 \approx 223,537.76 \;dollars.](/tpl/images/0140/4632/879d7.png)
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