Question 7:

(0.333 Point) Refer to Exhibits 7-6 and 7-7. A factor of 5.83 applies to a 25-year, 5% fixed mortgage.

If a couple's affordable monthly mortgage payment is $1,500, what is their affordable mortgage amount (rounded)?

$257,300 this is the answer how come ?

$282,950

$87,450

$195,600