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1. A young businessperson wishes to buy a house but can afford $50,000 of down and monthly payments of only $500. Thirty-year loans are available

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1. A young businessperson wishes to buy a house but can afford $50,000 of down and monthly payments of only $500. Thirty-year loans are available at 9% interest compounded monthly. What is the price of the most expensive house that she can afford to purchase? (Hint: the businessperson is taking that loan and combining it with her down payment to buy the house.)

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