Question: Indicate whether the statements below are true or false. If the answer is true, explain why it is true. If the answer is false, explain

Indicate whether the statements below are true or false. If the answer is true, explain why it is true. If the answer is false, explain why it is false. Feel free to give examples or counter-examples.

You are getting a 30-year fixed-rate mortgage for a new house. The mortgage payments will be monthly and the mortgage rate is 12% per year. Given your income, you calculate the maximum monthly payment you can afford is $5,000 per month. The maximum mortgage you can afford is $483,311.

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