Question 3Your monthly salary is $30,000 and you are applying for a 20-year mortgage for a self-use residential property (and assuming you do not have any other mortgage loans). What is the maximum loan amount you could borrow if the annual interest rate is 3% for the entire loan period and interest is compounded monthly?(**i think my excel is wrong to show the normal test and stress test if I need to find the maximum loan amount )

Formatting as Table Styles LU elf-use residential property (and assuming you do not have any other mortgage loans). What is the maximum loan amount you House Price $4,545,763.94 Loan Amount $2,727,458.36 Annual Interest 5% Interest rate per Month 0.417% Number of Months 240 Repayment Amount $18,000.00 Stress Test Remaining Balance Maximum repayment amount=60%*$30000=$18000 Period $2,704,666.42 Interest Principlal Deducted $2,696,428.09 OH Remaining B $11,364.41 $6,635.59