Suppose the interest rate on a fixed-rate 30-year mortgage, Business Economics

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Suppose the interest rate on a fixed-rate 30-year mortgage

A-Suppose the interest rate on a fixed-rate, 30-year mortgage is 6.5%. Lex can afford to make payments of $1100/month. What is maximum mortgage Lex can afford??

B-While Lex ponders buying a house, the interest rate falls to 5.5%. Lex can still only afford to make payments of $1100/month. What is maximum mortgage Lex can afford now?

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Business Economics: Suppose the interest rate on a fixed-rate 30-year mortgage

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Business Economics: Suppose the interest rate on a fixed-rate 30-year mortgage

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