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## example 4

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1. example 4 Home Mortgage Chapter 5.6 A couple who wants to purchase a home has \$30,000 for a down payment and wants to make monthly payments of \$2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house? 2009 PBLPathways

2. A couple who wants to purchase a home has \$30,000 for a down payment and wants to make monthly payments of \$2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

3. A couple who wants to purchase a home has \$30,000 for a down payment and wants to make monthly payments of \$2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

4. A couple who wants to purchase a home has \$30,000 for a down payment and wants to make monthly payments of \$2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house? Present Value of an Ordinary Annuity If a payment of \$R is to be made at the end of each period for n periods from an account that earns interest at a rate of iper period, then the account is an ordinary annuity, and the present value is

5. A couple who wants to purchase a home has \$30,000 for a down payment and wants to make monthly payments of \$2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

6. A couple who wants to purchase a home has \$30,000 for a down payment and wants to make monthly payments of \$2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

7. A couple who wants to purchase a home has \$30,000 for a down payment and wants to make monthly payments of \$2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

8. A couple who wants to purchase a home has \$30,000 for a down payment and wants to make monthly payments of \$2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

9. A couple who wants to purchase a home has \$30,000 for a down payment and wants to make monthly payments of \$2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

10. A couple who wants to purchase a home has \$30,000 for a down payment and wants to make monthly payments of \$2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

11. A couple who wants to purchase a home has \$30,000 for a down payment and wants to make monthly payments of \$2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

12. A couple who wants to purchase a home has \$30,000 for a down payment and wants to make monthly payments of \$2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

13. A couple who wants to purchase a home has \$30,000 for a down payment and wants to make monthly payments of \$2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?

14. A couple who wants to purchase a home has \$30,000 for a down payment and wants to make monthly payments of \$2200. If the interest rate for a 25-year mortgage is 6% per year on the unpaid balance, how much can they spend on a house?