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Mathematics, 28.08.2020 18:01 Hellboy467

(b) The Johnsons have accumulated a nest egg of Sh.40,000 that they intend to use as a down payment toward the purchase of a new house. They have decided to invest a minimum of Sh.2400/month in monthly payments (to take advantage of tax deductions) toward the purchase of their house. However, because of other financial obligations, their monthly payments should not exceed Sh.3000. If local mortgage rates are 7.5%/year compounded monthly for a conventional 30-year mortgage, what is the price range of houses that they should consider?

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(b) The Johnsons have accumulated a nest egg of Sh.40,000 that they intend to use as a down payment...
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