Suppose you can afford to pay at most $$2200$ per month for a mortgage payment. If the maximum amortization period you can get is $30$ years, and you must pay $4\mathrm{.}5\%$ interest per year compounded annually, what is the most expensive house you can buy? How much interest will you have paid to the lender at the end of the loan?

What is the monthly interest rate corresponding to the effective annual rate?

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What is the price of the most expensive house you can buy?

What is the total interest paid?