# 4.) you worked very hard, and

*label*Algebra

*timer*Asked: Apr 23rd, 2016

**Question description**

4.) you worked very hard, and you just got promoted. Congratulations! You make $140,5000. You plan to purchase a $700,000 home in five years. You start an annuity to save enough money to put down a 15% down payment. You get paid biweekly (every other week) and every pay day you put money aside for your future home. How much money do you need to put aside to reach your goal? The annuity has a 4% interest rate.5.) Congratulations, you have saved enough and you are ready to purchase your home (stated #4). Remember, your total mortgage is the down payment subtracted from the cost of the home. With your new salary, can you afford this home? Explain. Note; My Algebra2 teacher wants the students to use the formulas he provided for us to answer these questions. These formulas are given and showed with examples in these two power points. Thank you! https://s3.amazonaws.com/engrade-myfiles/4048673012336971/Can_I_afford_This_PPT.ppthttps://s3.amazonaws.com/engrade-myfiles/4088979216403337/Can_I_afford_this_part_2_PPT.ppt