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Suppose you want to purchase a new house costs $500,000, and you will borrow $415,710 from a bank with a 30-year mortgage at 3% annual

Suppose you want to purchase a new house costs $500,000, and you will borrow $415,710 from a bank with a 30-year mortgage at 3% annual interest, how much will be your monthly payment.

If you can spare $1,098 at most as monthly payment, how much mortgage can you afford (30 year at 3% annual interest)?

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