Jeff and Teara Washington have just financed a home and make annual payments of $19,515.43. If the mortgage has a stated interest rate of 5%, and will be paid off in 30 years, how much did the Washingtons pay for their new home if the bank financed 100% of the funds needed to make the purchase? Jeff and Teara Washington have just financed a home and make annual payments of $19,515.43. If the mortgage has a stated interest rate of 5%, and will be paid off in 30 years, how much did the Washingtons pay for their new home if the bank financed 100% of the funds needed to make the purchase?

$300,000.00

$549,276.08

$153,724.51

Cannot be determined from the information provided

None of the answers provided is correct