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Jennifer planned to take a mortgage to purchase a house but could only afford to pay a maximum amount of $1,800 every month as mortgage
Jennifer planned to take a mortgage to purchase a house but could only afford to pay a maximum amount of $1,800 every month as mortgage payments. The variable open interest rate offered by her bank was 2.60% compounded semi-annually on mortgages amortized over 25 years. Calculate the maximum mortgage amount she will receive. Round to the nearest cent.
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