Payment and Present Value Christopher is in the process of purchasing his first home. He has been told by his banker that the maximum amount they will lend him for a mortgage is $488,500 and the length of the mortgage will be 20 years. < Required: A. If mortgage rate is 4.7% annually and Christopher borrows the maximum amount on the mortgage, what will be his monthly mortgage payment? B. If mortgage rate is 4.39% annually and Christopher can only afford a monthly payment of $2,750, what is the maximum amount that he can borrow?