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What would be the maximum mortgage

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Reference no: EM131126300

Two friends want to purchase a new house and can afford to make monthly payments of $1000.00. They go to the bank and obtain a mortgage for $195 000.00 compounded semi-annually and amortized over 25 years.

They wonder if it would be wise to find a less expensive house to reduce the amortization period to 20 years. What would be the maximum mortgage they could afford assuming that only the amortization period changes?

Reference no: EM131126300

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