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Your banker suggests that, rather than obtaining a $90,000 mortgage over 25-years, you should simply obtain a 15-year loan for the same amount. The rate
Your banker suggests that, rather than obtaining a $90,000 mortgage over 25-years, you should simply obtain a 15-year loan for the same amount. The rate on this loan is 7.75% compounded monthly. By how much will your monthly payment be (higher/lower) for the 15-year loan than the regular payment on the 25-year loan?
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