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You want to buy a house financed with a 15-year fixed-rate mortgage. The best interest rate you could find is 12% APR. Payments are made

You want to buy a house financed with a 15-year fixed-rate mortgage. The best interest rate you could find is 12% APR. Payments are made monthly, so the APR should be assumed to be a simple interest rate (i.e. the wrong thing) compounded monthly with no other adjustments.

What is the most you can borrow if you can only afford to pay $1,100 per month(0+decimals)?

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