The Graftons can afford a maximum mortgage payment of $1000 per month. The current interest rate is
7.2% compounded semiannually. What is the maximum mortgage loan they can afford if the amortization period is:
a) 15 years?
b) 20 years?
c) 25 years?
d) 30 years?

Question

The Graftons can afford a maximum mortgage payment of $1000 per month. The current interest rate is
 7.2% compounded semiannually. What is the maximum mortgage loan they can afford if the amortization period is:
a) 15 years? 
b) 20 years?
c) 25 years?
d) 30 years?

Quizplus · Accepted Answer

The Answer of The Graftons can afford a maximum mortgage payment of $1000 per month. The current interest rate is
 7.2% compounded semiannually. What is the maximum mortgage loan they can afford if the amortization period is:
a) 15 years? 
b) 20 years?
c) 25 years?
d) 30 years?

The Graftons Can Afford a Maximum Mortgage Payment of $1000