Question: You'd like to know how much you can borrow from the bank using a 30 year principal and interest (P&I) home loan. You can afford

You'd like to know how much you can borrow from the bank using a 30 year principal and interest (P&I) home loan. You can afford monthly payments of $2,800. The interest rate is 4.08% pa compounding monthly which is not expected to change. How much can you borrow now? Select one:

a. $1,166,666.67

b. $823,529.41

c. $636,363.64

d. $580,866

e. $579,213.08

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