Answer:
The price of a home that can be purchased is $ 95,358.42
Step-by-step explanation:
Given : You have just been approved for a 30 year 5.5% fixed home mortgage. The monthly payment that you qualify for is $532.10.
We have to determine the price of a home that can be purchased.
Let the Price of home that can be purchased is $ x
Then ,
Mortgage value = $ x
From given table,
For a 30 year 5.5% fixed home mortgage,
Monthly payment of 5.58 is made per $ 1000 That is [tex]\frac{5.58}{1000}[/tex]
Thus, For x mortgage value the monthly payment given is $532.10.
Thus,
[tex]x\times\frac{5.58}{1000}=532.10[/tex]
Simplify for x, we have,
[tex]x=532.10\times\frac{1000}{5.58}[/tex]
x = 95358.4229391
Thus, Rounding to the nearest cent , we get the price of a home that can be purchased is $ 95,358.42
Answer:
$93,679.58
Step-by-step explanation:
You have just been approved for a 30 year 5.5% fixed home mortgage.
Your monthly payment for mortgage = $532.10
As per given table on $1000 of mortgage at 5.5% for 30 years the monthly payment would be = $5.68
Let the mortgage value of the home = x
monthly payment is 5.68 per $1000 of mortgage = [tex]\frac{5.68}{1000}[/tex]
If the monthly payment is $532.10 on x amount of mortgage, the amount of mortgage would be =
[tex]x\times\frac{5.68}{1000}=532.10[/tex]
[tex]x=\frac{1000}{5.68}\times 532.10[/tex]
[tex]x=176.056338\times 532.10[/tex]
= $93,679.5774 ≈ $93,679.58
The mortgaged price of the home would be $93,679.58
