Answer:
Explanation:
The monthly payment to pay a loan with constant rate is given by the formula:
![Payment=Loan\times \bigg[\dfrac{r(r+1)^t}{(r+1)^t-1}\bigg]](https://tex.z-dn.net/?f=Payment%3DLoan%5Ctimes%20%5Cbigg%5B%5Cdfrac%7Br%28r%2B1%29%5Et%7D%7B%28r%2B1%29%5Et-1%7D%5Cbigg%5D)
Where:
- r is the monthly compounded rate and it is equal to the APR (annual percentage rate) divided by 12: r = 5.5%/12 = 0.055/12
- t is the number of months: t = 60
Then, you can subsitute with the maximum payment to find the <em>maximun amount you can afford to borrow</em> (loan):
![\$200=Loan\times \bigg[\dfrac{(0.055/12)((0.055/12)+1)^{60}}{((0.055/12)-1)^{60}-1}\bigg]](https://tex.z-dn.net/?f=%5C%24200%3DLoan%5Ctimes%20%5Cbigg%5B%5Cdfrac%7B%280.055%2F12%29%28%280.055%2F12%29%2B1%29%5E%7B60%7D%7D%7B%28%280.055%2F12%29-1%29%5E%7B60%7D-1%7D%5Cbigg%5D)
Answer:
You'll only need renters insurance if your landlord or your building requires it. While not required otherwise, anyone renting any type of residence long-term—be it an apartment or single-family home—should strongly consider purchasing a renters insurance policy.
1. Tax cuts.
2. Increased government spending.
3. Subsidies.
4. Expansionary &
5. Contractionary.
I apologize if I am wrong! Hope this helps.
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