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Given the following information on a fixed-rate fully amortizing loan, determine the maximum amount that the lender will be willing to provide to the borrower:

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Given the following information on a fixed-rate fully amortizing loan, determine the maximum amount that the lender will be willing to provide to the borrower: loan term: 30 years; monthly payment: $800; annual interest rate: 5%. Assume each monthly payment is made at the beginning of the month. (Multiple Choice) $14,964.62 $160,000 $16,000 $149,646.23

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