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Lenny is ready to purchase a home requiring a $500,000 mortgage. He is considering two options: the monthly payment of $2,690 on a mortgage amortized
Lenny is ready to purchase a home requiring a $500,000 mortgage. He is considering two options: the monthly payment of $2,690 on a mortgage amortized over 25 years at a fixed rate of 3.79%, compounded semi-annually, or the monthly payment of $3,775 on a mortgage amortized over 15 years at the same fixed rate. What is the difference in the total interest paid between the two different maturities? (Note, assume that the fixed rate of 3.79% does not change over the entire mortgage amortization period.) $97,500 $186,600 No difference. $90,200 $127,500 Marnie's long-term liabilities include all the following except: Her car loan which has 13 months remaining in car payments. Her furniture loan where payments only start in one year for a two-year loan. Her student loan which is due 6 months after graduation; Marnie is expected to graduate in May 2021. Her computer loan, payable in full in 18 months. Her cellphone paid over a 9-month contract
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