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A young married couple has carefully looked at their budget. After review, they can afford a monthly mortgage payment of $ 1 , 1 0
A young married couple has carefully looked at their budget. After review, they can afford a monthly mortgage payment of $ They go to their local banker and she offers them a mortgage of APR with monthly compounding with a term of years. The couple has enough savings to pay down, so the mortgage will be of the homes value.
With this mortgage and a down payment, what priced house can the couple afford?
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