Scott is going to buy a ski house in Vermont for $172,600. The formula for computing his mortgage payment is \(M=P\bullet \frac{r(1+r)^N}{(1+r)^N-1}\) where P is the Principal amount of the loan, r is the monthly interest rate and N is the number of monthly payments. Scott secures a monthly interest rate of 0.305% for a 15-year mortgage. Scott needs his monthly payment (with no down payment) to be less than $1,500/month to go ahead with the purchase. Can he afford this house?