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What is the maximum loan amount you could borrow

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Reference no: EM132524910

Question - Your monthly salary is $30,000 and you are applying for a 20-year mortgage for a self-use residential property (and assuming you do not have any other mortgage loans).

What is the maximum loan amount you could borrow if the annual interest rate is 3% for the entire loan period and interest is compounded monthly?

Reference no: EM132524910

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