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(Solution document) You can afford monthly payments of $600. If current mortgage rates are 2.16% for a 15-year fixed rate loan, how much can you afford to borrow?


You can afford monthly payments of ?$600. If current mortgage rates are 2.16?% for a 15?-year fixed rate? loan, how much can you afford to? borrow? If you are required to make a 10?% down payment and you have the cash on hand to do? it, how expensive a home can you? afford? (Hint: You will need to solve the loan payment formula for? P.)

How much can you afford to? borrow?

?$__________

?(Round to the nearest dollar as? needed.)

 







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