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$12470 is the month payment? (Round your answer to the nearest ont.) 5. (-/0.83 Points) DETAILS CRAUDQL3 4.2.0316 MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Over the past 40 years, Interest rates have varied widely. The rate for a 30 year mortgage reached a high of 14.75% in July 1984, and trached 3.31 in November 2012. A scant Impact of lower interest rates on city is that they enable more people to afford the purchase of a home in the following exercise, we consider the purchase of a home that we for $125,000. Asume that we can make a down payment of $25.000, so we need to borrow $100,000. We assume that our annos 534,000 and that we have other det if we can afford to pay a monthly amount of $543,0, determine how much we can borrow if the term 30 years and the interest rate is 3.31 (ound your answer to the eart diskar.) 5 Can word the home now Yes NO DETAILS 5. 10.85/0.85 Paints) PREVIOUS ANSWERS CRAUDOL 4 2.045. MY NOTES ASK YOUR TEACHER 00210 Hom acer 5 6 WWW.300 DETAILS 5. [./0.83 Points CRAUDQL3 4.2.031E. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Over the past 40 years, Interest rate have varied widely. The rate for a 30 year mortgage reached a high of 14.25% in July 1984, and it reached 3.31 in November 2012. A significant impact of lower interest rates only is that they enable more people to afford the purchase of a home in the following exercise, we consider the purchase of a home that sells for $125.000. Assume that we can make a down payment of $25,000, so we need to borrow $100,000, Wassume that our annual income $34,000 and that we have no other debt. If we can afford to pay a monthly amount of $543.33, determine how much we can borrow if the term 30 years and the interest rates 3.31% (Round your answer to the nearest dollar Can we for the home now? 60.8570.85 Points DETAILS PREVIOUS ANSWERS CRAUDOL3 4.2.045 MY NOTES ASK YOUR TEACHER You are considering buying home an interest rate of o, but a trend tell you that by the time you finish paying for the home, the amount you pay in internet to the bank will exceed the price for the home in this true? What factors contribute to determining the part of your total payments that is interest listo pay more interesan principal over the length of a mortgage? ne should be small part of the total payments. Naif the strate above 9 M O 09:14