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Lets assume you have a choice between an amortized loan and an add-on loan that have the same term and interest rate. Describe the differences
Lets assume you have a choice between an amortized loan and an add-on loan that have the same term and interest rate. Describe the differences between the two types of loans. Which would you choose and why if you had to purchase a home? If you were interested in purchasing a home and needed to borrow $150,000 determine the total cost of each loan for the borrower (use the same interest rate and length of loan for each type).
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