Find a loan that matches his desired payments

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Reference no: EM13917468

Max is thinking about purchasing a house. He wishes his annual payments to be 25% of his salary. The following table lists his expected salary over the next 30 years. How much is Max willing to borrow for his house? Assume he can find a loan that matches his desired payments. Assume the interest rate is 9.71%.

Years: Salary

1 -10: $32,433

11-20: $84,695

21-30: $148,720

Reference no: EM13917468

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