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What is the maximum amount of mortgage loan

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Reference no: EM133122029

You want to finance your new home with a 15 year fixed rate mortgage. The APR is 4%.

You know the maximum monthly payment you can afford is $2550. What is the maximum amount of mortgage loan you can take out? (Hint: you need to figure which TVM element you need to calculate here)

Reference no: EM133122029

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