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How much value of home can afford today

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Problem 1: Compounding interest extends stated rates (e.g. APRs) on consumer lending and investments. What is the effective rate on a credit card with a nominal rate of 15.99%? (Assume daily compounding.)

Problem 2: Mortgage rates have been the lowest in over 45 years. Knowing this information, it is now time to take advantage of such rates and buy a house. If your bank rate is 4.96%, and desire your payment to be no more than $1,038.29. How much value of home can you afford today? (Use monthly compounding)

 

Reference no: EM132811842

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