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5. You and two friends are considering to buy a house after graduation. You can...

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5. You and two friends are considering to buy a house after graduation. You can get a 15-year fixed- rate mortgage with 5% interest rate if you make a 20% down payment on the house. You will split the monthly mortgage payment equally between the three of you. Each of the three of you can afford to contribute up to $1,000 per month towards the mortgage payment. You each have $10,000 available towards the down payment. How expensive a house can you afford to buy

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