Thomas took a new job in Iowa. He is buying his first home. He has qualified for an APR of 4.6%. He plans on making payments for the next 20 years. He anticipates that he can afford a payment of $550.00. How much of a mortgage will Thomas qualify for?
A) $56,990
B) $75,210
C) $86,199
D) $110,224
Answer: C
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