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PLEASE SHOW CALCULATION PROCESS (NOT WITH EXCEL) 1. Thomas took a new job in Iowa. He is buying his first home. He has qualified for

PLEASE SHOW CALCULATION PROCESS (NOT WITH EXCEL)

1. Thomas took a new job in Iowa. He is buying his first home. He has qualified for an APR of 4.6%. He plans on making payments for the next 20 years. He anticipates that he can afford a payment of $550.00. How much of a mortgage will Thomas qualify for?

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