The Jonsons have accumulated the nest egg of $10,000 that they indent to use as a down payment towards the purchase of a new house. Because their present gross income has placed them in a relative heigh tax bracket, they have decided to invest a minimum of $2,800/month monthly payments ( to take the advantages of the tax deduction) towards the purchase of their house. However, because of other defalt obligation their monthly payment should not exceed $4,000. If Jonson decide to secure a 15-years mortgage istead of a 30- years mortgage, what is the price range of houses they should consider when the local morgage rates for this type of loan is 7% ? Round your answers to nearest integer.
A) The range of the homes they should consider is approximately $446,834 to $453,241.
B) The range of the homes they should consider is approximately $443,241 to $453,696 .
C) The range of the homes they should consider is approximately $443,842 to $453,842 .
D) The range of the homes they should consider is approximately $321,517 to $455,024.
E) The range of the homes they should consider is approximately $443,696 to $456,834 .

Question

The Jonsons have accumulated the nest egg of $10,000 that they indent to use as a down payment towards the purchase of a new house. Because their present gross income has placed them in a relative heigh tax bracket, they have decided to invest a minimum of $2,800/month monthly payments ( to take the advantages of the tax deduction) towards the purchase of their house. However, because of other defalt obligation their monthly payment should not exceed $4,000. If Jonson decide to secure a 15-years mortgage istead of a 30- years mortgage, what is the price range of houses they should consider when the local morgage rates for this type of loan is 7% ? Round your answers to nearest integer. ​
A) The range of the homes they should consider is approximately $446,834 to $453,241.
B) The range of the homes they should consider is approximately $443,241 to $453,696 .
C) The range of the homes they should consider is approximately $443,842 to $453,842 .
D) The range of the homes they should consider is approximately $321,517 to $455,024.
E) The range of the homes they should consider is approximately $443,696 to $456,834 .

Quizplus · Accepted Answer

The Answer of The Jonsons have accumulated the nest egg of $10,000 that they indent to use as a down payment towards the purchase of a new house. Because their present gross income has placed them in a relative heigh tax bracket, they have decided to invest a minimum of $2,800/month monthly payments ( to take the advantages of the tax deduction) towards the purchase of their house. However, because of other defalt obligation their monthly payment should not exceed $4,000. If Jonson decide to secure a 15-years mortgage istead of a 30- years mortgage, what is the price range of houses they should consider when the local morgage rates for this type of loan is 7% ? Round your answers to nearest integer. ​
A) The range of the homes they should consider is approximately $446,834 to $453,241.
B) The range of the homes they should consider is approximately $443,241 to $453,696 .
C) The range of the homes they should consider is approximately $443,842 to $453,842 .
D) The range of the homes they should consider is approximately $321,517 to $455,024.
E) The range of the homes they should consider is approximately $443,696 to $456,834 .

The Jonsons Have Accumulated the Nest Egg of $10,000 That