You can afford monthly payments of $400. If current mortgage rates are 3.84% for a 30-year fixed rate loan, how much can you afford to borrow? If you are required to make. a 20% down payment and you have the cash on hand to do it, how expensive a home can you afford? (Hint: You will need to solve the loan payment formula for P.) How much can you afford to borrow? $ (Round to the nearest dollar as needed.)

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