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You have been shopping for a new home. You have a choice of financing. You can choose either a $200,000 mortgage at 4.75 percent for 30 years, or a $200,000 mortgage at 3.5 percent for 15 years.

a. Calculate the monthly payment for both the 30-year and 15-year mortgages.

b. Calculate the amount of interest paid over the life of the loan for both mortgages.

c. Choose the best mortgage for you and explain your answer.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92718129

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