1. How much can a loan applicant afford to borrow if they can pay at most $1500/month...
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Question:
1. How much can a loan applicant afford to borrow if they can pay at most $1500/month on a 30-year loan? (Hint: Use one of the What-If Analysis tools to figure this out.)
2. How much can a loan applicant afford to borrow if they can pay at most $2250/month on a 20-year loan?
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