You want to buy a house financed with a 15-year fixed-rate mortgage. The best interest rate you could find is 10% APR. Payments are made monthly, so the APR should be assumed to be a simple interest rate (i.e. the wrong thing) compounded monthly with no other adjustments. What is the most you can borrow if you can only afford to pay $2,000 per month?

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To calculate the maximum amount you can borrow for a house given a mon... View the full answer