You have just been approved for a 30 year 6.0% fixed home mortgage. The monthly payment that you qualify for is $1112.10. Use the table provided to determine the price of a home that can be purchased. Round your answer to the nearest cent. / a. $183,147 c. $185,350 b. $184,789 d. $186,523

Answer:$185350 is the correct answer.Step-by-step explanation:The formula for EMI is :[tex]\frac{p*r*(1+r)^{n}}{(1+r)^{n}-1 }[/tex]Lets suppose the principle amount be = prate or r = 6/12/100=0.005EMI = $1112.10Time or n = 30*12 = 360Now, putting these values in formula,[tex]1112.10=\frac{p*0.005*(1.005)^{360} }{(1.005)^{360}-1 }[/tex][tex]1112.10=\frac{0.005p*6.0225}{5.0225}[/tex][tex]1112.10*5.0225=0.03011p[/tex]p = $185503.89So, the principle amount becomes $185503.89This is closest to $185350, so this is the correct answer.