Description
A young graduate is saving for house on Lake Hartwell. The young graduate is planning on saving $1,228.00 each quarter for 14.00 years in an investment account paying 6.28% interest that is compounded quarterly. His first deposit will be made at the end of the next quarter, so this is a regular annuity. In 14.00 years, he also plans on being able to afford a 15-year mortgage with $1,885.00 monthly payments at a 6.72% APR interest rate. Given the graduate’s plans, how expensive of a lake house will he expect to be able to purchase?
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