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cluponka [151]
2 years ago
11

You can afford a $1150 per month mortgage payment. You've found a 30 year loan at 8: interest compounded monthly. a) How big of

a loan can you afford?​
Mathematics
1 answer:
jarptica [38.1K]2 years ago
3 0

Answer:

PV= Max Loan amount = PMT*B(i,T) and PMT = 1200. Calculate B(i,T) = B(6%/12, 360)

=(12/.06)(1-(1/(1.005))360)  I will let you complete the calculation

Step-by-step explanation:

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From 1960 to 1980 , the consumer price index (cpi) increased from 29.6 to 82.4. If a frozen chicken pie cost $0.28 in 1960 and t
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CPI in 1960 = 29.6

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Growth (%) in CPI = \frac{\text{CPI in 1980 - CPI in 1960}}{\text{CPI in 1960}} × 100

⇒ Growth (%) in CPI = \frac{82.4-29.6}{29.6} × 100

⇒ Growth (%) in CPI = 178.3783.. %

⇒ Growth (%) in CPI = 178.4%

Now, we know that price of frozen chicken pie in 1960 = $0.28

Also, we know that over 1960 to 1980, frozen chicken pie price grew at the same rate as CPI

Hence, Price of Chicken Pie in 1980 = Price of Chicken Pie in 1960 × (1 + Growth in CPI)

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⇒ Price of Chicken Pie in 1980 = 0.28 + (0.28 × 178.4%)

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⇒ Price of Chicken Pie in 1980 = 0.28 + 0.50

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Hence, price of chicken pie in 1980 would be ~$0.78

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Step-by-step explanation:

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