Question

Wyatt can afford a $1290 per month house loan paymetn if he is being offered a 30 year house loan with an apr of 7.2%, compunded monthly whohc of these expressions represents the ost money he can borrow

Answer 1

Wyatt can borrow approximately $186,064.78 for a 30-year house loan with a 7.2% APR, compounded monthly, while maintaining a monthly payment of $1290.

To calculate the maximum amount Wyatt can borrow for a 30-year house loan with a 7.2% APR, compounded monthly, given a monthly payment of $1290, we can use the loan payment formula:

Loan Amount = Monthly Payment / ((APR/12) * (1 -
`(1 + (APR/12))^((-Number of Payments))`))

Substituting the given values:

Loan Amount = 1290 / ((0.072/12) * (1 -
`(1 + (0.072/12))^((-30 * 12))`))

After calculating, the result is approximately $186,064.78. Therefore, Wyatt can borrow a maximum of around $186,064.78 for a 30-year house loan with a 7.2% APR, compounded monthly, while making monthly payments of $1290.

Complete question:

What is the maximum amount Wyatt can borrow for a 30-year house loan with a 7.2% APR, compounded monthly, if he can afford a monthly payment of $1290?