Maximum Affordable Mortgage Loan. Alex and Lucy Riley have saved a 25,000 down payment and are considering buying a home. Based on their monthly income and affordability analysis, the Rileys can...

Maximum Affordable Mortgage Loan. Alex and Lucy Riley have saved a
25,000 down payment and are considering buying a home. Based on their monthly income and affordability analysis, the Rileys can handle a maximum mortgage payment of
1,500 a month. The Riley’s want to determine the amount of the maximum 30-year, 6 percent mortgage they can obtain.