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Patrick planned to take a mortgage to purchase a house but could only afford to pay a maximum amount of $1,500 every month as mortgage

Patrick planned to take a mortgage to purchase a house but could only afford to pay a maximum amount of $1,500 every month as mortgage payments. The variable open interest rate offered by his bank was 2.80% compounded semi-annually on mortgages amortized over 20 years. Calculate the maximum mortgage amount he will receive

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