At exactly 35 year of age, with $100,000 in his savings account Alex plans to buy a house. A bank is willing to loan him the necessary funds provided that he puts up 20% of the purchase price, uses the house as the collateral and is committed to making monthly payments for the next 15 years. a) With stamp duty of 2% of the purchase price payable by the buyer, how much is the most expensive house that Alex can afford right now?