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there seems to be varying answers, im unsure what the formula is? 3. The Smiths can afford a maximum mortgage payment of $1250 per month.

there seems to be varying answers, im unsure what the formula is? image text in transcribed
3. The Smiths can afford a maximum mortgage payment of $1250 per month. The current interest rate is 5.2% compounded semi-annually. What is the maximum mortgage loan they can afford if the afmortization period is: a) 15 years b) 20 years c) 25 years d) 30 years

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