Question Description
Section 5: Buy a House (Lesson 5.6) Name ______________________
Look in your Long Term Budget from part 1 of the project and find how much you have reserved for your Rent/Mortgage.
Long Term Budget Mortgage Payment $ ________________________________________
Let’s say interest rates for buying a home are around 5.5% on a 30 year loan. Determine a reasonable price range for a home that you can buy on your current budget.
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N |
12(30) |
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I% |
5.5 |
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*PV |
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|
PMT |
-( ) |
|
FV |
0 |
|
P/Y |
12 |
|
C/Y |
12 |
|
PMT: |
END BEGIN |
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Calculator Directions: Apps, 1: Finance, 1: TVM Solver, Input values, Quit Apps, 1: Finance, 4: tvm_PV |
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How do interest rates affect your price
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