Bryan and his wife, Jane, can afford $2,273 a month for a monthly mortgage payment.
1 answer:
9514 1404 393
Answer:
- borrowed amount: $487,812.89
- total of payments: $818,280.00
- paid in interest: $380,467.11
Step-by-step explanation:
The formula for figuring the amount that can be borrowed (P) is shown on the first line of the attachment. (The second line rounds it to the nearest cent.) In this formula, ...
a = monthly payment, r = annual interest rate, t = number of years
The amounts requested by the problem statement are shown in the attachment, and above. b is the amount that can be borrowed, p is the total of payments, and i is the interest paid. There are 360 monthly payments in 30 years, so the total paid is 360 times the monthly payment amount.
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