Question 5 You got approved for a mortgage from your bank to buy a house with the monthly mortgage payments set to $1,850 for 25 years. Your nancial advisor thinks that an average effective interest rate of 3.1% is reasonable to use in analysis for the next 25 years. If the rst payment to the bank will be made at the end of the month. calculate the maximum price of the house which you can buy using only this mortgage in addition to a down payment of $40,000 from your saving account