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You have been shopping for a new home. You have a choice of financing. You can choose either a $310,000 mortgage at 5.12% for 30

You have been shopping for a new home. You have a choice of financing. You can choose either a $310,000 mortgage at 5.12% for 30 years, or a $310,000 mortgage at 4.37% for 15 years. What is the monthly payment made at the end of each month for the 30-year mortgage?

a.

$3,429.77

b.

$1,686.96

c.

$2,350.93

d.

$1,043.29

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