Problem
Enrico Suarez (see Section 4.17) has decided to purchase a house instead of renting an apartment. He can afford a monthly payment of $800, and he has saved $6,000 to use as a down-payment on a house. If the mortgage is 4% nominal interest (compounded monthly) on a 30-year loan, how much can Enrico afford to spend on a house?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.