Question: consider yourself to be the position bring able to pay $1200/month in mortgage repayments. you can 30-year loan, with interest rate 8.5%per annum compounded monthly,

consider yourself to be the position bring able to pay $1200/month in mortgage repayments. you can 30-year loan, with interest rate 8.5%per annum compounded monthly, but you must pay 5%of the cost as an initial payment. assuming you've saved enough for the initial payment, what's the highest price that you could afford to pay a loan?

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