Purchase of condominium to use as rental property

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You are considering the purchase of a condominium to use as a rental property. You estimate that you can rent the condominium for $1200 per month, and the taxes, insurance, and maintenance costs will run about $200 per month. If interest rates are 6% compounded monthly, how large a 25-year mortgage can you assume and still have the rental income cover the monthly expenses?

Reference no: EM131424678

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