If the Morgans can afford a monthly amortization payment of ?$800 then the following formula can...
If the Morgans can afford a monthly amortization payment of ?$800 then the following formula can be used to calculate the amount P of their 15-year mortgage loan at an annual interest rate of 3.6?% per year. Find the total amount of the mortgage loan that the Morgans can afford.
800= 0.0071980 •P
The Morgans can afford a $__ loan.
Show your calculations!
Homework Answers
800= 0.0071980 •P
P=800/0.0071980
P=$111142
The Morgans can afford a $ 111142 loan.
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