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A borrower can obtain an $80,000 loan at an 8 percent interest rate with monthly payments amortized over 25 years. Alternatively, he could obtain a

A borrower can obtain an $80,000 loan at an 8 percent interest rate with monthly payments amortized over 25 years. Alternatively, he could obtain a $90,000 loan at an 8.5 percent rate with the same lo...

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