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Mathematics, 07.12.2021 03:50 yolandacoles3066

You want to buy a house and can afford monthly mortgage payments of $850. You plan to take out a 20-year loan. The currently available rate is an APR of 3.72%. Your mortgage lender predicts that the rate could rise to 4.22% in the near future. If the APR rises from 3.72% to 4.22%, will the maximum loan amount that you can afford increase or decrease? By how many dollars?

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