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You are considering the purchase of a condominium to use as a rental property. You estimate that you can rent the condominium for $1,400 per

You are considering the purchase of a condominium to use as a rental property. You estimate that you can rent the condominium for $1,400 per month and that taxes, insurance, and maintenance costs will run about $400 per month. If interest rates are 9% compounded monthly, how large a 25-year mortgage can you assume and still have the rental income cover the monthly expenses?

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