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3. Bobby and Sylvia are buying a house. They have applied for a $215,000 mortgage at two companies: a. Company 1: (Canwee, Cheatum and Howe)

3. Bobby and Sylvia are buying a house. They have applied for a $215,000 mortgage at two companies:

a. Company 1: (Canwee, Cheatum and Howe) lasting 30 years at 3.99% interest.

b. Company 2: (How, Wei, Ripum and Off) lasting 25 years at 3.67% interest.

c. Determine their monthly payment from each company

d. How much principal and interest will be paid for the first payment from each company?

e. Which is the better deal?

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