Elena wants to purchase a home and has approached a bank and been informed that...
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Elena wants to purchase a home and has approached a bank and been informed that a 30 year mortgage loan with monthly payments and compounding would have an APR of 6.0%. She hopes that she has saved enough to make a down-payment of 20% for the purchase and will finance the other 80%. Ignore closing costs. Given her income level, she feels that she can afford a monthly house payment of $1200. How much money will she be able to borrow from the bank? How much can she afford to pay for the home, including the loan and her down payment?
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