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You are excited to buy your first house. Based on your credit history, the bank is willing to lend you money at 7 percent interest

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You are excited to buy your first house. Based on your credit history, the bank is willing to lend you money at 7 percent interest compounded monthly. You can afford monthly payments of $1,577. How much can you afford to borrow? Assume the mortgage is for 27 years

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