O Points: 0 of 1 Savi You can afford monthly payments of $500. If current mortgage rates are 3.03% for a 15-year fixed rate loan, how much can you afford to borrow? If you are required to make a 10% 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.) How much can you afford to borrow? (Round to the nearest dollar as needed.)