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phil pittman is interested in a fixed - rate mortgage for 4 0 0 , 0 0 0 . he is undecided whether to choose

phil pittman is interested in a fixed

-

rate mortgage for

400, 000 .

he is undecided whether to choose a

15 -

30 -

year mortgage. The current mortgage rate is

4.5 %

for the

15 -

year mortgage and

5 %

for the

30 -

year mortgage. What are the monthly principal and interest payments for each loan?

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