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Enrico Suarez (see Section 4.17) has decided to purchase a house instead of renting an apartment. He can afford a monthly payment of $800, and

Enrico Suarez (see Section 4.17) has decided to purchase a house instead of renting an apartment. He can afford a monthly payment of $800, and he has saved $6,000 to use as a down-payment on a house. If the mortgage is 4% nominal interest (compounded monthly) on a 30-year loan, howmuch can Enrico afford to spend on a house?

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