A mortgage lender tells you that you can afford to spend, Financial Management

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A mortgage lender tells you that you can afford to spend

A mortgage lender tells you that you can afford to spend $1,000/month on a mortgage. At a rate of 6.0%, what is the loan amount that you will qualify for assuming a 30-year mortgage, payable monthly? Assuming a 20% down payment, what is the maximum purchase price of a home that you can afford?

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