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You are about to buy your first home. The home has a sale price of $ 137,000. Your bank offers you two options: a) a
You are about to buy your first home. The home has a sale price of $ 137,000. Your bank offers you two options: a) a 15-year home loan with an annual interest of 5.5% compounded monthly b) a 30-year mortgage loan with an annual interest of 5.0% compounded monthly
Determine the monthly payment for the 15-year loan (show your calculations)
to. $ 881.60
b. $ 1,119.41
c. $ 1,013.37
d. $ 1,231.40
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