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1.You plan on borrowing $320,000 for a mortgage and are considering the following two loan options: a 15-year loan with an APR of 2.9% and

1.You plan on borrowing $320,000 for a mortgage and are considering the following two loan options: a 15-year loan with an APR of 2.9% and a 30-year loan with an APR of 3.5%.

a.Calculate the monthly payments for both loans.

b.Calculate the total interest paid for both loans.

c.Which loan would you be most likely to take? Why?

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