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Norm and Ann bought a house for $145,000 on a 30 year mortgage at the...

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Finance

Norm and Ann bought a house for $145,000 on a 30 year mortgage at the APR of 8.4%, compounded monthly. They had no down payment. After making 90 payments, they decided to buy another house. The bank says they can use their equity as a down payment on their new house. The current market value of the old house is $167,000. The new house will require a 20% down payment. How much new house can they buy?

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