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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 $ from your bank to buy a home. The bank offers:
a year fixed rate of compounded monthly.
a year fixed rate of compounded monthly.
If you choose to repay the borrowing in equal installments monthly over a years, what would be the difference between your monthly payments at the two different APRs?
a
$
b
$
c
$
d
$
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