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Due to the Covid-19 crisis, the Federal Reserve Bank cuts the interest rate so banks are offering good rates on mortgages. You are considering the
Due to the Covid-19 crisis, the Federal Reserve Bank cuts the interest rate so banks are offering good rates on mortgages. You are considering the purchase of a 3-bed room house that would require a mortgage of $420,000. How much more in total interest will you pay if you select a 30-year mortgage at 2.0% rather than a 20-year mortgage at 1.0%? (Round the monthly payment amount to 2 decimal places.)
A)$90,291.18
B)$110,291.18
C)$95,291.18
D) $105,291.18
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