# Andy is considering taking a loan to remodel his kitchen. He is offered a loan by his bank for five years and an annual interest of 6.5% with monthly payments. To the nearest $100, what is the maximum amount of money he can borrow if he can only afford to pay back$200 per month?

###### Question:

Andy is considering taking a loan to remodel his kitchen. He is offered a loan by his bank for five years and an annual interest of 6.5% with monthly payments. To the nearest $100, what is the maximum amount of money he can borrow if he can only afford to pay back$200 per month?

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