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The Mendez family is considering a mortgage loan of $348,500 at an annual interest rate of 6.6%. (a) How much greater is their mortgage payment

The Mendez family is considering a mortgage loan of $348,500 at an annual interest rate of 6.6%.

(a) How much greater is their mortgage payment if the term is 20 years rather than 30 years? $ (b) How much less is the amount of interest paid over the life of the 20-year loan than over the life of the 30-year loan?

$

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