Kai wants to buy a house (with no money down!) and the largest amount of weekly payments he can afford is $600.00.a) What is most expensive house Kai can buy if the interest rate on the mortgage is 4.525% compounded semi-annually.b) If Kai insists on a 20 year amortization period, now what is the most expensive house he can afford? (Still with no money down and the same interest rate as in part a) )c) Kai’s mortgage broker says that with those payments (and a 25 year amortization period) they can afford a $505,000.00 house. What is the interest rate r(2)?

Learning Goal: I’m working on a applied mathematics test / quiz prep and need support to help me learn.Kai wants to buy a house (with no money down!) and the largest amount of weekly payments he can afford is $600.00.a) What is most expensive house Kai can buy if the interest rate on the mortgage is 4.525% compounded semi-annually.b) If Kai insists on a 20 year amortization period, now what is the most expensive house he can afford? (Still with no money down and the same interest rate as in part a) )c) Kai’s mortgage broker says that with those payments (and a 25 year amortization period) they can afford a $505,000.00 house. What is the interest rate r(2)?
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