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What is the maximum amount that the jacksons can borrow

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Question 1: The Jacksons have determined that, after making a down payment, they could afford at most $2,000 for a monthly house payment. The bank charges interest at the rate of 6% per year compounded monthly on the unpaid balance. If the loan is to be amortized in equal monthly installments over 30 years, what is the maximum amount that the Jacksons can borrow from the bank?

Reference no: EM132557983

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