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A couple purchasing a home budget $1500 per month for their loan payment. If they have $27,000 available for a down payment and are considering

A couple purchasing a home budget $1500 per month for their loan payment. If they have $27,000 available for a down payment and are considering a 25-year loan, how much can they spend on the home at each of the following rates? (Round your answers to the nearest cent.)

(a) 6.2% compounded monthly

(b) 7.1% compounded monthly

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