math

A homeowner planning a kitchen remodeling can afford a $200 monthly payment. How much can the homeowner borrow for 3 years at 5%, compounded monthly, and still stay within the budget?

  1. 👍 0
  2. 👎 0
  3. 👁 110
  1. See a similar example at:
    http://www.jiskha.com/display.cgi?id=1304355816

    1. 👍 0
    2. 👎 0
    posted by MathMate

Respond to this Question

First Name

Your Response

Similar Questions

  1. ugh math

    A homeowner planning a kitchen remodeling can afford a $200 monthly payment. How much can the homeowner borrow for 3 years at 5%, compounded monthly, and still stay within the budget?

    asked by nicole on May 1, 2011
  2. math

    I keep getting the wrong answer on this. My answers have been $243.18 and another was $247.23. ugh.. neither is right, so help plz. A homeowner planning a kitchen remodeling can afford a $200 monthly payment. How much can the

    asked by frustrating on May 2, 2011
  3. Reiny I NEED YOU

    Your cousin can afford a monthly house payment of $675 if her bank is offering financing of 5.2% compounded monthly, on a 30 yr conventional loan, how much money can she afford to borrow for the purchase of a home?

    asked by Blaire on September 30, 2011
  4. finance

    4. Alternatively you decide the most you can afford in a monthly payment for a home is $750. You plan on taking out a 30 year loan for 4%. How much can you borrow? What is the total amount of home you can afford? (assume the

    asked by Diane on May 4, 2018
  5. Math and Society

    You can afford monthly payments of $1200. If current mortgage rates are 7.5% for a 30-year fixed rate loan, what loan principal can you afford? If you are required to make a 20% down payment and you have cash on hand to do it,

    asked by Michele on November 8, 2008
  6. Math

    Shantle and Kwamie are planning to buy their first home. Although they are excited about the prospect of being homeowners, they are also a little frightened. A mortgage payment for the next 30 years sounds like a huge commitment.

    asked by Chol on July 9, 2014
  7. Math

    If you can afford a monthly payment of $760 for 27 years and if the available interest rate is 5.40%, what is the maximum amount that you can afford to borrow?

    asked by Meghan on March 29, 2011
  8. math

    Mr. Hobbs was just about to take out a home mortage of $120,000 for 20 yrs at the rate of 10.0% compounded monthly. The monthly payments would have been $1158.03. But a competitive bank offered him a 30 yr mortgage at 9,5% which

    asked by Blaire on September 29, 2011
  9. math URGENT HELP

    Mr. Hobbs was just about to take out a home mortage of $120,000 for 20 yrs at the rate of 10.0% compounded monthly. The monthly payments would have been $1158.03. But a competitive bank offered him a 30 yr mortgage at 9,5% which

    asked by Blaire on September 29, 2011
  10. Business Finance

    Earl Miller plans to buy a boat for $19,500 with an interest charge of $2500. Earl figures he can afford a monthly payment of $650. If Earl has to pay 36 equal monthly payments, by how much can he afford the boat per month?

    asked by Terry on January 29, 2012

More Similar Questions