Precalculus: Finance Project - Scenario Two
Bank of America Home Loan
Harper must buy a house in which the monthly payment can be no more than $404.96. The home she wants costs $94,900, so she will need to get a home loan for $76,000 ($19,000 down payment), which comes with a 30 year fixed loan and an interest rate of 4.5%. Therefore, she will have a home payment of $385 per month.