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Determine the maximum amount of mortgage they can get

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Question - Jack and Rose just got married today. They want to start saving so they can buy a house five years from today. The average house in their town today sells for 1,500,000. Housing prices are expected to increase 3 percent a year.

How much will their house cost when jack and rose but it in 5 years?

Determine the maximum amount of mortgage they can get.

How much is the amount that the couple have to save to buy their house (downpayment)?

Reference no: EM133030478

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