Question $4$ of $5$

$1\mathrm{.}82/2$

Knowledge Check

You decide that the maximum mortgage payment you can afford is $$1,950$ per month. The annual interest rate is $4\mathrm{.}2\%$ and the mortgage requires you to make monthly payments at the end of each month over a $30-$year period. Indicate the inputs to be entered into the financial calculator keys. What is the maximum home loan you can afford? $($Round maximum loan answer to nearest dollar $($e$.$g$.,5,275)$ and interest rate answer to two decimal places $($e$.$g$.,52\mathrm{.}75).)$

Inputs $?$ N$/$A

Calculator Keys

N

I

PV

PMT

FV

Maximum loan

$