Nina and Tom would like to purchase a new home, but theyre not sure they can afford the $2,420/month mortgage payment. A mortgage company is willing to finance the purchase with a 7% rate and 30-year term. Calculate the amount of money the couple is considering borrowing. For this problem, you'll also need to summarize the problem and state what approach and method will be applied to solve it.

For this problem, you'll also need to summarize the problem and state what approach and method will be applied to solve it.