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A borrower can afford to make a monthly principal-plus-interest payment of $1,395. If a local lending institution is willing to provide a fixed-interest rate, fixed-payment

A borrower can afford to make a monthly principal-plus-interest payment of $1,395. If a local lending institution is willing to provide a fixed-interest rate, fixed-payment mortgage (FRM) loan at a 6.24% annual percentage rate (APR) of interest with equal end-of-month payments over 25 years, how much can the individual afford to borrow?

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