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Find how much value of home can afford today

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problem 1: Mortgage rates have been the lowest in over 45 years. Knowing this information, it is now time to take advantage of such rates and buy a house. If your bank rate is 4.96%, and desire your payment to be no more than $1,038.29. How much value of home can you afford today? (Use monthly compounding)

Group of answer choices

option 1: $194,300

option 2: $192,400

option 3: $196,800

option 4: $199,500

Reference no: EM132811873

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