Question: Part 2 Use the project directions and your graded project part 1 to complete the following. Show all work. Use complete sentences when explaining your

Part 2

Use the project directions and your graded project part 1 to complete the following. Show all work. Use complete sentences when explaining your answers.

Fill in the following information from your graded part 1. If your amount was incorrect in your part 1 please put the corrected amount here and use these amounts through the remaining parts of the project.

Maximum Down payment (1A): $57,525.00

Maximum monthly mortgage (1D):$2180

15-year mortgage rate (1G): 2.125%

30-year mortgage rate (1H): 2.625%

Points

Steps

3

A. In Google search bar, type in: google mortgage affordability calculator. Use the calculator that comes up and the maximum monthly payment you found in part 1D to determine the amount John and Emma can afford to borrow using the best rate you chose in part 1G (15 year mortgage). Below the given blank, include a screen shot of this screen with your inputs and Googles outputs.

Maximum Amount:

3

B. In Google search bar, type in: google mortgage affordability calculator. Use the calculator that comes up and the maximum monthly payment you found in part 1D to determine the amount John and Emma can afford to borrow using the best rate you found in in part 1H (30-year mortgage). Below the given blank, include a screen shot of the screen with your inputs and Googles output.

Maximum Amount:

5

C. With the information you have found, what is a good price range for John and Emmas house? Explain

5

D. With the information you have found, should John and Emma get a 15-year loan or a 30-year loan? Explain.

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