Kylie is looking to take out a 30-year mortgage from a bank offering an annual interest rate of
3%, compounded monthly Using the formula below, determine the maximum amount Kylie can
borrow, to the nearest dollar, if the highest monthly payment she can afford is $1,000.
M =
Pr(1+r)"
(1+r) -1
M=the monthly payment
P=the amount borrowed
r = the interest rate per month
n = the number of payments