What is the maximum you can pay for a house

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Reference no: EM13284138

How expensive a house can you afford to purchase if you have $23,000 for a down payment and you can afford to pay $1,800 per month on a mortgage, if the mortgage rate is 9% per annum with semi-annual compounding and a 20 year amortization period? If you can afford $900 every two weeks instead, what is the maximum you can pay for a house?

Reference no: EM13284138

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