Question

If the yang family choose the 15-year mortgage how much will they be able to borrow

Answer 1

If the 14 year mortage is chosen.

A=810

I=2.75%

P.a.=0.2292% per month

N=15 year =180months

Borrowing amount=p

p= A(P|A,i,n)

plugging the value:

p= 810(P|A,0.2292%,180)

p=810*147.353385

P=$119356.24