Posted by
**ryan** on
.

A couple purchasing a home budget $1700 per month for their loan payment. If they have $15,000 available for a down payment and are considering a 25-year loan, how much can they spend on the home at each of the following rates? (Round your answers to the nearest cent.)

(a) 6.9% compounded monthly

$ 1

(b) 7.1% compounded monthly