If an individual has $1000 a month to devote to making payments on a 30-year mortgage

1. If an individual has $1000 a month to devote to making payments on a 30-year mortgage, how have the changes in rates affected the amount he or she can borrow? 1000×12=12,000x30yrs= 360,000 2. How would the change in the average mortgage rate affect the monthly payments on a 30-year mortgage for $200,000? 3. How have the changing rates affected home sales and mortgage initiation? Explain.

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