Suppose you wish to buy a house costing $200,000. You will put a down payment of 20% of the purchase price and borrow the rest from a bank for 30 years at a fixed rate r compounded monthly. If you wish your monthly mortgage payment to be $1,500 or less, what is the maximum annual interest rate for the mortgage loan?

If you could work out the steps that would be great. I am having trouble simplifying the equation and I was able to figure out the answer graphically but not sure if there is another way to do it.

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to find the maximum annual interest rate for the mortgage ... View the full answer