1. You are taking out a $100,000 mortgage loan to be repaid over 25 years in 300 monthly payments.
a. if the interest rate is 16% per year, what is the amount of the monthly payment?
b. if you can only afford to pay $1000 per month, how large a loan can you take?
c. if you can afford to pay $1500 per month and need to borrow $100,000, how many months would it take to pay the mortgage?
d. if you can pay $1,500 per month, need to borrow $100,000, and want a 25-year mortgage, what is the highest interest rate you can pay? Get Finance Help Today
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