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Posted on Sep 20, 2024

You are excited to buy your first house. Based on your credit history, the bank is willing to lend you money at 4 . 5

You are excited to buy your first house. Based on your credit history, the bank is willing to lend you money at

4.5 %

interest compounded monthly. You can afford monthly payments of $

1200 .

How much can you afford to borrow? Assume the mortgage is for

30

years.

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