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How big of a loan can you afford

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1. According to the United States Census Bureau the population of Utah was 2.12 million people in 1997 and 2.53 million people 9 years later in 2006. Use an explicit exponential model to calculate the rate of growth of the population over this time period. Express the rate of growth as a percentage. Round to the nearest hundredth. =______%

2. You can afford a $800 per month mortgage payment. You've found a 30 year loan at 7% interest.

a) How big of a loan can you afford?

b) How much total money will you pay the loan company?

c) How much of that money is interest?

Reference no: EM132510087

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