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How much your brother could afford to borrow for a home

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Reference no: EM133163280

Question - Your brother is considering the purchase of a home rather than renewing the lease on his two-bedroom apartment. He is currently paying $1100 per month for rent. He has asked you to help decide what sort of home he might be able to afford with his current monthly rent payment. His bank offers first-time home buyers (with good credit) a 30-year mortgage at a fixed rate of 3.25%. 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 $250 per month in the neighborhood where he'd like to live, what monthly mortgage payment can he afford? (Refer to your class notes for the formula.)

(ii) Use Excel's PV function to determine how much your brother could afford to borrow for a home.

Reference no: EM133163280

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