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Ximena is trying to get a mortgage loan of $170,000. The bank quotes her a 15-year rate of 5.6% and a 30-year rate or 7.5%.

Ximena is trying to get a mortgage loan of $170,000. The bank quotes her a 15-year rate of 5.6% and a 30-year rate or 7.5%. Both of these loans involve equal monthly payment.

a. What is monthly payment for the 15-year loan? What is the total interest paid?

b. What is the monthly payment for the 30-year loan? What is the total interest paid?

c. What is the APR for each option?

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