You have just graduated from UIUC and accepted a high-paying job.Based on your salary, you decide you can afford amonthlymortgage payment of $1,500.The bank is offering you a 3% annual interest rate on a 30year mortgage.

What is the largest home mortgage loan amount you could afford?

Round your answer to the nearest dollar,but do not round the value of the interest rate per compounding period to make your calculation.