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How much of a down payment can they afford

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Question - Alex and Steve bought their current house 10 years ago for $355,000 and made a down payment of $45,000. They obtained a 25-year mortgage for the remaining amount at 6% APR with quarterly compounding and constant monthly payments. They just sold their house for $550,000. They will now buy a new house. How much of a down payment can they afford to make on their new house?

Reference no: EM133078477

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