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You are eligible for a 30 -year fixed-rate home mortgage with an interest rate of 3.6% per year. If you can afford a monthly payment
You are eligible for a 30 -year fixed-rate home mortgage with an interest rate of 3.6% per year. If you can afford a monthly payment of $2125, what is the maximum mortgage loan you can get? (Round to the nearest dollar.) Answer: What is the present value of $8,000 paid at the end of each of the next 24 years if the interest rate is 9% per year
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