What was the maximum amount she could afford to pay for

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Reference no: EM133419396

Questions: Sean planned to buy a house but could afford to pay only $14,000 at the end of every 6 months for a mortgage with an interest rate of 3.10% compounded semi-annually for 20 years. She paid $26,000 as a down payment.

a. What was the maximum amount she could afford to pay for a house?b. What was her total amount spent for the house through the mortgage period including the downpayment (not taking the time-value of money into account)?

Reference no: EM133419396

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