To purchase a home, a family plans to sign a mortgage of $70,000 at 8% on the
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To purchase a home, a family plans to sign a mortgage of $70,000 at 8% on the unpaid balance. Discuss the advantages and disadvantages of a 20-year mortgage as opposed to a 30-year mortgage. Include a comparison of monthly payments and total interest paid.
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Advantages of a 20year mortgage 1 Lower total interest paid With a shorter loan term the total amount of interest paid over the life of the loan is si...View the full answer
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Related Book For 
Finite Mathematics For Business Economics Life Sciences And Social Sciences
ISBN: 9780134862620
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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