You can afford a $1100 per month mortgage payment. You've found a 30 year loan at 6% interest. a) How big of a loan can you afford?$b) How much total money will you pay the loan company?$c) How much of that money is interest?$

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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You can afford a $1100 per month mortgage payment. You've found a 30 year loan at 6% interest.

a) How big of a loan can you afford?

$
b) How much total money will you pay the loan company?

$
c) How much of that money is interest?

$

 

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