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(a) Pete considers buying a house. Currently, he rents a place for 1,000 a month. The current monthly interest rate on mortgages is 0.5%. His

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(a) Pete considers buying a house. Currently, he rents a place for 1,000 a month. The current monthly interest rate on mortgages is 0.5%. His planning period is 20 years. If he doesn't want to increase his housing costs, what amount of mortgage is available for his purchase? {5 marks }

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