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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 7% 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 7% APR. Payments are made monthly, so the APR should be assumed to be a simple interest rate (i.e. a stupid interest rate) added up over 12 months.

What is the most you can borrow if you can only afford to pay $1,800 per month?

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