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Phil Pittman is interested in a fixed-rate mortgage for $400,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage
Phil Pittman is interested in a fixed-rate mortgage for $400,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate to c for the 30-year mortgage. (Round your answers to the nearest dollar. Use this table, if necessary.) (a) What are the monthly principal and interest payments (n) for scho 15-year mortgage 30-year mortgage (b) What is the total amount of interest On $) paid on each on? 15-year mortgage s 30-year mortgage (c) Overall, how much more interest (in $) is paid by choosing the 30-year mortgage? $ for the 15-year mortgage and 1%
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