Final answer:
The student's question involves calculating mortgage payments and the financial implications of purchasing a home, which are mathematical concepts typically taught in high school. By applying financial mathematics, one can determine monthly payments, total interest paid, and maximum loan affordability.
Step-by-step explanation:
The student's question pertains to the calculation of mortgage payments and the financial aspects of buying a house. This falls under the subject of Mathematics, specifically financial mathematics, which is often covered at the high school level. To answer the student's question, we use mathematical formulas to calculate mortgage payments and understand the implications of different loan terms such as interest rates and payment periods.
For example, to determine the monthly payment of a $1,000,000 house loan over 30 years with a nominal interest rate of 6% that is convertible monthly, we would use the formula for an annuity based on the loan amount, interest rate, and payment period. Calculating the maximum loan amount that Joanna can afford, given her annual payment ability and interest rate, also involves using the present value of an annuity.