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Morpin Morpin
wrote...
Posts: 6
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3 years ago
Bobby-Sue has established that she can afford a weekly payment of $550. She would
like to have a mortgage with an amortization of 30 years and a 10 year term. Current
interest rates for a 10 year term are 6.95% compounded semi-annually not in advance.
What the maximum conventional mortgage amount Bobby-Sue would be able to
acquire?
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wrote...
#1
Staff Member
3 years ago
Is Bobby-Sue paying weekly or monthly?
- Master of Science in Biology
- Bachelor of Science
wrote...
#2
Educator
3 years ago
Hi duddy

Here's my first attempt. Not sure if it's done correctly
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Morpin Author
wrote...
#3
3 years ago
Hi duddy,

its weekly paying of $550 and ,@ bio_man well tried but it is wrong , the correct Answer is $364,467.50
Please help me get this answer...appreciate your help in advance.
wrote...
#4
Educator
3 years ago
I really don't know, honestly. The question doesn't mention how often bobby-sue pays. Is it monthly, weekly? Even still, I tried plugging in different numbers to $364,467.50, and no matter what I used, it didn't work.

Do you have a sample question that I can use to see how it's done?
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