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Find what was maximum amount could afford to pay for house

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Maria planned to buy a house but could afford to pay only $8,500 at the end of every 6 months for a mortgage with an interest rate of 4.50% compounded semi-annually for 20 years. He paid $29,500 as a down payment.

Problem a. What was the maximum amount he could afford to pay for a house?

Problem b. What was his total investment through the mortgage period (not taking the time-value of money into account)?

Reference no: EM132707463

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