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Alex Ovichken is applying for mortgage financing in order to purchase a hockey rink. What is the maximum loan allowable, given payments of $4,500

Alex Ovichken is applying for mortgage financing in order to purchase a hockey rink. What is the maximum loan allowable, given payments of $4,500 per month, an interest rate of 5% per annum, compounded annually, and an amortization period of 20 years?

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