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There are two common choices for the term of a home mortgage: 1 5 or 3 0 years. Suppose you need to borrow 8 0
There are two common choices for the term of a home mortgage: or years. Suppose you need to borrow at an APR of to buy a home.a What will your monthly payment be if you opt for a year mortgage?b What percentage of your first months payment will be interest if you opt for a year mortgage?c How much interest will you have paid by the end of the year loan?d What will your monthly payment be if you opt for a year mortgage?e What percentage of your first months payment will be interest if you opt for a year mortgage?f How much interest will you have paid by the end of the year loan? Is it twice as much as for a year mortgage?
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