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FedPrimeRate.com reported the median price of a home sold in the United States in November 2017 was $199,600. Pat Radigan wants to purchase a new
FedPrimeRate.com reported the median price of a home sold in the United States in November 2017 was $199,600. Pat Radigan wants to purchase a new home for $313,500. Pat puts 20% down and will finance the remainder of the purchase. Compare the following two mortgage options he has: 12 years at 5.0% or 17 years at 5.5%. (Use Table 15.1.) (Round your intermediate calculations and final answers to the nearest cent.) Calculate Pats monthly payment for both the 12 and 17 year mortgage.
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