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At the beginning of October 2023, bankrate.com provided the following national interest rates for different term lengths, applicable to individuals with fair to good credit
At the beginning of October 2023, bankrate.com provided the following national interest rates for different term lengths, applicable to individuals with fair to good credit scores: - 30 year fixed: 8.00% - 20 year fixed: 7.90% - 15 year fixed: 7.15% - 10 year fixed: 7.09% Please note that interest rates can vary based on several factors, including credit history, purchase amount, down payment, and location. When checked these were very close to the values that were found for Tucson area zip codes. For the purpose of simplicity, we will keep the following variables constant: - Purchase price: $330,000 - Annual interest rate: 7.50% (for both the 30-year loans and 15-year loan) - Down payment: 10% Part 1 Loan Calculations based on the Tucson Data Loan Calculations Please answer the following questions for both a 30-year loan and a 15-year loan. Show your calculations below the table using the formulas from the textbook and the provided interest rates. 30-year loan 15-year loan The monthly payment Total amount of interest paid
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