You have just received an inheritance and are ready to buy an apartment for $520,000. You have

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You have just received an inheritance and are ready to buy an apartment for $520,000. You have a $120,000 deposit and legal fees.

The interest rate on the loan is 3.2 % per year with monthly compounding for a 25 -year fixed rate mortgage

Legal fees are estimated to be 1% of the property value. You have an annual salary of $138,000 and the bank is willing to allow your monthly mortgage repayment to be equal to 26% of your monthly income.

How much money will the bank loan you?

Posted Date: May 18, 2024 09:15 PM

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You have just received an inheritance and are ready to buy an apartment for $520,000. You have

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