The Young household is looking at buying a house. The three houses they are looking at cost...

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The Younghousehold is looking at buying a house. The three houses they arelooking at cost the following: $160,000, $190,000 and $210,000.They can pay up to $900 in monthly mortgage payments. Theycurrently have $18,000 set aside for a down payment. Similarly tothe Tremblay’s bank, the Youngs’ bank will add $40 to each mortgagepayment if they put less than 20% down and an additional fee of $30more to each payment if they put less than 10% down.
Which of these houses can theyafford with a 30-year mortgage at an interest rate of 3.5%?
Which of these houses can theyafford with a 15-year mortgage at an interest rate of 2.8%?

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The Younghousehold is looking at buying a house. The three houses they arelooking at cost the following: $160,000, $190,000 and $210,000.They can pay up to $900 in monthly mortgage payments. Theycurrently have $18,000 set aside for a down payment. Similarly tothe Tremblay’s bank, the Youngs’ bank will add $40 to each mortgagepayment if they put less than 20% down and an additional fee of $30more to each payment if they put less than 10% down.Which of these houses can theyafford with a 30-year mortgage at an interest rate of 3.5%?Which of these houses can theyafford with a 15-year mortgage at an interest rate of 2.8%?

The Younghousehold is looking at buying a house. The three houses they arelooking at cost the following: $160,000, $190,000 and $210,000.They can pay up to $900 in monthly mortgage payments. Theycurrently have $18,000 set aside for a down payment. Similarly tothe Tremblay’s bank, the Youngs’ bank will add $40 to each mortgagepayment if they put less than 20% down and an additional fee of $30more to each payment if they put less than 10% down.

Which of these houses can theyafford with a 30-year mortgage at an interest rate of 3.5%?

Which of these houses can theyafford with a 15-year mortgage at an interest rate of 2.8%?