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1. Ruby wants to purchase a condo in San Diego. She estimates that she can afford to make a 20% down payment at origination and

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1. Ruby wants to purchase a condo in San Diego. She estimates that she can afford to make a 20% down payment at origination and monthly mortgage payments of $1,850. If Ruby qualifies for a 30-year fully amortizing fixed rate mortgage with a 3.25% interest rate, what is the maximum condo purchase price that she can afford? [7 points)

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