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You have been pre - approved for a mortgage. The bank has calculated the maximum amount of your loan based on the following information: -
You have been preapproved for a mortgage. The bank has calculated the maximum amount of your loan based on the following information: Payments on the loan will be made monthly. The maximum payment you can make is based on your annual salary. Your annual salary is $ and the bank assumes a maximum payment of of that salary, paid monthly. The bank calculates your interest based on an APR of The term of the loan is years.What is the maximum loan amount that the bank will pay out?
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