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Your sister is considering the purchase of a home rather than renewing the lease on her two-bedroom apartment. She is currently paying $700 per month for rent. She has asked you to help decide what sort of home she might be able to afford with her current monthly rent payment. Her bank offers first-time home buyers (with good credit) a 10-year mortgage at a fixed rate of 5.7%. Use this information to answer the questions below.
Express your answers rounded correctly to the nearest cent!
(i) If the cost of insurance and property taxes is about $300 per month in the neighborhood where she'd like to live, what monthly mortgage payment can she afford? (Refer to your class notes for the formula.)
Payment = $
(ii) Use Excel's PV function to determine how much your sister could afford to borrow for a home.
Amount to Borrow = $
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