Lloyd and Manuel want to buy a home. Their bank requires borrowers to pay 10% of the purchase price as a down payment. They have saved up $20,600 for the down payment and will take out a 30-year loan at 5.15% interest for the balance.

(a) What is the maximum loan amount Lloyd and Manuel can have for their for $20,600 down payment?

Lloyd and Manuel want to buy a home. Their bank requires borrowers to pay 10% of the purchase price as a down payment. They have saved up $20,600 for the down payment and will take out a 30 -year loan at 5.15\% interest for the balance. (a) What is the maximum loan amount Lloyd and Manuel can have for their for $20,600 down payment? Hint: If the down payment represents 10% of the purchase price, then 100%10%=90% represents the loan amount. Set up and solve a proportion: (loanamountdownpaymentamount)=90%10%=loanamount$20,600 (b) What will Lloyd and Manuel's monthly mortgage payment be? Use the TVM Solver on the TI calculator. Round to the nearest cent (two decimal places)