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Find payments on a mortgage loan for a home

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Mr. and Mrs. Bailey have been advised by their financial planner that they can afford to make $650-a-month payments on a mortgage loan for a home. Mortgage payments are made at the end of each month. The current rate on a new 30-year mortgage is 6.75%. How much can they afford to borrow? Show your work.

Reference no: EM133114619

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