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There is a general rule that you should spend no more than 25% of your monthly income on your rent or mortgages. Additionally, there is a general rule that says your monthly mortgages payment on a house is approximate 1% of the original mortgage amount. What is the largest mortgage the Salinas family can afford for their home if their family's income is $3000 a month?

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What is the interest on a loan of $20,000 made of 6% per year simple interest for a time period of one month?
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