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Mathematics, 11.05.2021 19:00 NeonPlaySword

5. Peter wants to buy a duplex with a purchase price of $227,000. Peter can afford a 15% down payment. Peter earns $2,500 a month and wants to spend no more than 10% of his income on
his mortgage payment. Peter is going to rent out the other half of the duplex. He thinks that if he
charges $900 a month in rent this will cover the remainder of his mortgage payment. Given that
Peter has a 30 year mortgage with a fixed rate of 6.5%, how should Peter adjust how much he
charges for rent of the other half of the duplex?
P= 227000 - 0.15(227000)
P
(1-(1+5)(-+-))
= 1219.57525133
X
p=227000 - 0.15(227000
P = 192950
0.065
-10
10
1219.58 - 250 = 969.56
969.56 - 900 = = 70 increase

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