Question: John Doe decided that the maximum mortgage payment he can afford is $700 per month. The annual interest rate is 8.4%. If John Doe gets

John Doe decided that the maximum mortgage payment he can afford is $700 per month. The annual interest rate is 8.4%. If John Doe gets a mortgage that requires him to make monthly payments over a 15-year period, what is the maximum purchase price he can afford?

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