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What is the most you can afford to borrow

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Question - You want to buy your first condo, and you have saved up $16,000 for a down payment. Banks require at least a 5% down payment. If you want to maximize the amount you borrow, what is the most you can afford to borrow? The term of the loan is equal to your age in years. What is your monthly payment on a loan at 3.0% interest?

Reference no: EM132744665

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