Amanda and Blake have found a house, whichowing to a
Chapter , Problem 6-17(choose chapter or problem)
Amanda and Blake have found a house, whichowing to a depressed real estate market costs only$201,500. They will put $22,000 down and financethe remainder with a 30-year mortgage loan fromBank of America at 4.65% interest (compoundedmonthly). a)How much is their monthly loan payment?(b)How much interest will they pay in the secondpayment?(c)They will also havethe following expenses:prop-erty taxes of $2100, homeowners insurance of$1625,and $290 mortgage insurance(in caseoneof them dies before the loan is repaid, a require-ment of the bank). These annual amounts arepaid in 12 installments and added to the loanpayment. What will Amanda and Blakes fullmonthly cost be?(d)If they can afford $1200 per month, can Amandaand Blake afford this house?
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