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A young married couple has carefully looked at their budget After review they can afford...

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Basic Math

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A young married couple has carefully looked at their budget After review they can afford a monthly mortgage payment of 1 128 13 They go to their local banker and she offers them a mortgage of 5 88 APR with monthly compounding with a term of 30 years The couple has enough savings to pay 20 down so the mortgage will be 80 of the home s value What is the mortgage that the couple can apply for based on their budget and the offered terms Answer Format Currency Round to 2 decimal places

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