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In a new housing development, the houses are selling for $100,000 and require a 20% down payment. The buyer is given a choice of 30
In a new housing development, the houses are selling for $100,000 and require a 20% down payment. The buyer is given a choice of 30 year or 15 year financing, both at 7.68% compounded monthly.
(a) What is the monthly payment for the 30-year choice? For the 15-year choice?
(b) What is the unpaid balance after 10 years for the 30-year choice? For the 15-year choice?
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