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a.Which of the following loans pays off sooner? Loan 1: $175,000; 8% annual interest; 30 years (monthly PMT), with an extra $375 per month in

a.Which of the following loans pays off sooner? Loan 1: $175,000; 8% annual interest; 30 years (monthly PMT), with an extra $375 per month in principle payment. Loan 2: $175,000; 7% annual interest; 15 years (monthly PMT)

b. How much TOTAL (principle and interest) will be paid over the life of the following loan: $185,000 loan; 7% annual interest (monthly payments); 30 years?

c. For a loan of $160,000 at 7% annual interest, monthly payments, for 30 years, how much total interest will be paid over the life of the loan?

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