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Assume you plan to borrow $ 4 0 0 , 0 0 0 from your bank to buy a home. The bank offers: a 5

Assume you plan to borrow $400,000 from your bank to buy a home. The bank offers:
a 5-year fixed rate of 6.05%, compounded monthly.
a 3-year fixed rate of 5.75%, compounded monthly.
If you choose to repay the borrowing in equal installments monthly over a 20 years, what would be the difference between your monthly payments at the two different APRs?
a.
$68.94
b.
$154.58
c.
$26.98
d.
$89.32

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