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You friend Stephen is planning to buy a house. He believes he can afford a mortgage payment of $3,750 per month. The current interest rate

You friend Stephen is planning to buy a house. He believes he can afford a mortgage payment of $3,750 per month. The current interest rate on a 30 year mortgage is 3.25% per year. What is the largest mortgage he can afford based on a 30 year loan if the lender requires a 20% downpayment? How much does he need in down payment for the most expensive house he can afford? ]

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