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What is the maximum value of the mortgage

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Question - The Wells Fargo bank has determined that based on a TDS ratio of 40% and other factors, the maximum monthly mortgage payment of Tika Aaron qualifies to make $2,500. The five-year fixed rate of interest is 4.5% compounded semi-annually and the mortgage is to be amortized over 25 years. What is the maximum value of the mortgage that Tika may obtain from Wells Fargo?

Reference no: EM132516839

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