+ Inbox (990) - mpb131@georget C Get Homework Help With Cheg X ail/u/0/#inbox?projectors1 News M Gmail Collapse Subdiscus... Foctrin ve ad New Tab > The Good Life S 860,642.25 Carol and Marty were married today. They received S 18,448.92 in cash as wedding gifts. They would like to buy a house in Rochester, New York but they just can't afford to purchase one right now. However, they have prepared a budget and agreed on a plan to save enough money to buy a house in 4 years, a. A house they like in Rochester currently sells for $ 750,000. Housing prices are expected to appreciate by 3.5 % annually for each of the next 4 years. They use this information to calculate the cost of their house. b. They meet with a portgage lender who instructs them to .... "calculate the size of the mortgage you can afford." Specifically, the broker indicates that they should expect to be approved for a 30 year (360 month) mortgage with a nominal interest rate of 3.75%. Carol and Marty agree they can set aside $ 3,600 each month to pay principle and interest on their mortgage. They use this information to calculate the size of their mortgage loan. $ 777,343.73 c. The amount of the mortgage they can afford is less than the expected cost of the dream house. Carol and Marty calculate this shortfall. (this amount will be their down payment) $83,298.52 d. Carol and Marty then agree to (1) take the cash from the wedding an invest it in a savings account today, and (ii) deposit a certain amount of money in that savings account at the beginning of each month for the next four years. They will earn a nominal rate of 5.75 % (compounded monthly) on all money invested in this account. S111111 Calculate the amount of money (rounded to the nearest dollar) Carol and Marty will have to deposit into their savings account each month so they have enough to make the down payment in four years? $ please show all work O 8 E + Inbox (990) - mpb131@georget C Get Homework Help With Cheg X ail/u/0/#inbox?projectors1 News M Gmail Collapse Subdiscus... Foctrin ve ad New Tab > The Good Life S 860,642.25 Carol and Marty were married today. They received S 18,448.92 in cash as wedding gifts. They would like to buy a house in Rochester, New York but they just can't afford to purchase one right now. However, they have prepared a budget and agreed on a plan to save enough money to buy a house in 4 years, a. A house they like in Rochester currently sells for $ 750,000. Housing prices are expected to appreciate by 3.5 % annually for each of the next 4 years. They use this information to calculate the cost of their house. b. They meet with a portgage lender who instructs them to .... "calculate the size of the mortgage you can afford." Specifically, the broker indicates that they should expect to be approved for a 30 year (360 month) mortgage with a nominal interest rate of 3.75%. Carol and Marty agree they can set aside $ 3,600 each month to pay principle and interest on their mortgage. They use this information to calculate the size of their mortgage loan. $ 777,343.73 c. The amount of the mortgage they can afford is less than the expected cost of the dream house. Carol and Marty calculate this shortfall. (this amount will be their down payment) $83,298.52 d. Carol and Marty then agree to (1) take the cash from the wedding an invest it in a savings account today, and (ii) deposit a certain amount of money in that savings account at the beginning of each month for the next four years. They will earn a nominal rate of 5.75 % (compounded monthly) on all money invested in this account. S111111 Calculate the amount of money (rounded to the nearest dollar) Carol and Marty will have to deposit into their savings account each month so they have enough to make the down payment in four years? $ please show all work O 8 E