Question: You are thinking about purchasing a house spending no more than $950 per month. You have been approved for a 15-year loan at 3.8% compounded

You are thinking about purchasing a house spending no more than $950 per month. You have been approved for a 15-year loan at 3.8% compounded monthly. You have saved $12,000 for a down-payment.

The maximum purchase price of a house that you can afford is ____

(round answer to the nearest cent).

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