loan payments, credit cards and mortgage question 19

Homework: 4D: Loan Payments, Credit Cards and Mortgage How much can you afford to borrow? Question 19, 4.D.49 Part 1 of 2 (Round to the nearest dollar as needed.) You can afford monthly payments of $500. If current mortgage rates are 4.15% for a 30-year fixed rate loan, how much can you afford to borrow? If you are required to make a 20% down payment and you have the cash on hand to do it, how expensive a home can you afford? (Hint: You will need to solve the loan payment formula for P.) ECTICE HW Score: 26.32%, 5 of 19 points O Points: 0 of 1 Help me solve this View an example Get more help. Clear all Save Check