BUSINESS MATH ASSIGNMENT 8 HOME BUYING: A 30-YEAR COMMITMENT?

Shantel and Kwamie are planning to buy their first home. Although they are excited about the prospect of being homeowners, they are also a little frightened. A mortgage payment for the next 30 years sounds like a huge commitment. They visited a few new developments and scanned the real estate listings of pre-owned homes, but they really have no idea how much a mortgage payment would be on a $150,000, $175,000, or $200,000 loan. They have come to you for advice.