Over the past 30 years, interest rates have varied widely. The rate for a 30-year mortgage reached a high of… – savvyessaywriters.net | Savvy Essay Writers
Over the past 30 years, interest rates have varied widely. The rate for a 30-year mortgage reached a high of… – savvyessaywriters.net | Savvy Essay Writers
Savvy Essay Writers Business & Finance Assignment Help
Over the past 30 years, interest rates have varied widely. The rate for a 30-year mortgage reached a high of 14.75% in July 1984, and it reached a low of 4.64% in October 2010.A significant impact of lower interest rates on society is that they enable more people to afford the purchase of a home.We consider the purchase of a home that sells for $125,000.Assume that we can make a down payment of $25,000, so we need to borrow $100,000.We assume that our annual income is $40,000 and that we have no other debt.Lending agencies usually require that no more than 28% of the borrower’s monthly income be spent on housing.Then monthly income that could be spent on housing in this case would be $______.