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How large a loan can you afford

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Reference no: EM132904639

Question - You can afford to pay $2,500 per month for mortgage payments. How large a loan can you afford if the interest rate is 3.75% for a 30-year fixed mortgage?

A student loan of $75,000 carries an interest rate of 6.25%. You want to pay it off with equal monthly payments in 10 years.

a. How much is the monthly payment?

b. How much is the total payment?

c. How much is the interest?

Reference no: EM132904639

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