### What is the maximum amount that you could borrow today

Assignment Help Financial Management
##### Reference no: EM131524849

You want to purchase a home, and you know that the maximum monthly payment that you can afford is \$900. The loan term will be 30 years, with payments made monthly, beginning one month from now. If the annual interest rate is 6% (compounded monthly), what is the maximum amount that you could borrow today?

a. \$324,000.00 b. \$150,863.02 c. \$150,112.45 d. \$148,660.18

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