Sofia is looking to take out a 20-year mortgage from a bank offering a monthly...
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Sofia is looking to take out a 20-year mortgage from a bank offering a monthly interest rate of 0.45% Using the formula below, determine the maximum amount Sofia can borrow, to the nearest dollar, if the highest monthly payment she can afford is $3,925. M=(1+r)n1Pr(1+r)n M= the monthly payment P= the amount borrowed r= the interest rate per month n= the number of payments
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