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You have been saving for years and have saved $75,000 for a down payment for a house. You can afford a $3,800 mortgage payment every
You have been saving for years and have saved $75,000 for a down payment for a house. You can afford a $3,800 mortgage payment every month. How much can you spend on a house if the APR, or stated, interest rate is 5.5% (compounded monthly) on a 25-year mortgage?
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Personal Financial Planning
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
14th edition
978-1305887725, 1305887727, 1305636619, 978-1305636613
