Answer: To determine the maximum amount Adrian can borrow for a 15-year mortgage with a monthly interest rate of 0.25% and a maximum monthly payment of $4,225, we can use the loan amortization formula:
Loan Amount = Monthly Payment / ((Monthly Interest Rate) * (1 + (1 + Monthly Interest Rate)^(-Number of Months)))
Let's calculate the loan amount:
Monthly Payment = $4,225
Monthly Interest Rate = 0.25% = 0.0025
Number of Months = 15 years * 12 months/year = 180 months
Loan Amount = $4,225 / ((0.0025) * (1 + (1 + 0.0025)^(-180)))
Calculating the loan amount:
Loan Amount ≈ $4,225 / (0.0025 * (1 + (1.0025)^(-180)))
Loan Amount ≈ $4,225 / (0.0025 * (1 + 0.082331))
Loan Amount ≈ $4,225 / (0.0025 * 1.082331)
Loan Amount ≈ $4,225 / 0.002705828275
Loan Amount ≈ $1,560,808.87
Therefore, to the nearest dollar, the maximum amount Adrian can borrow is approximately $1,560,809.