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Calculate how much Henry can spend on a property

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Reference no: EM133066862

Question - Henry has saved up $42,500 to use as a deposit and he wants to know the maximum price of a property he can purchase while avoiding Lender's Mortgage Insurance (LMI). Henry's financial service provider requires borrowers with a Loan to Value ratio (LVR) of 80% or more to take out LMI. Calculate how much Henry can spend on a property without having to pay LMI. Show your workings.

Reference no: EM133066862

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