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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 pre-approved 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 $60240 and the bank assumes a maximum payment of 37% of that salary, paid monthly.- The bank calculates your interest based on an APR of 4.68%.- The term of the loan is 21 years.What is the maximum loan amount that the bank will pay out?

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