The Payans have just learned that the bank will approve them for a mortgage at an...

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The Payans have just learned that the bank will approve them for a mortgage at an APR of 4.3% for 30 years if they meet the back- end ratio requirement. To determine whether they'll meet the requirement, the back-end ratio needs to be calculated with the actually monthly payment rather than the estimate used in part A. Use this monthly payment formula to calculate the Payans' monthly mortgage payment. Monthly payment formula: M = P()(1 + ) * (1+)2 M = monthly payment p = principal r = interest rate t = number of years , where The Payans have just learned that the bank will approve them for a mortgage at an APR of 4.3% for 30 years if they meet the back- end ratio requirement. To determine whether they'll meet the requirement, the back-end ratio needs to be calculated with the actually monthly payment rather than the estimate used in part A. Use this monthly payment formula to calculate the Payans' monthly mortgage payment. Monthly payment formula: M = P()(1 + ) * (1+)2 M = monthly payment p = principal r = interest rate t = number of years , where

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To calculate the Payans monthly mortgage payment we need to use the formula M P ... View the full answer