This problem continues the study of Chapter 8 , Comparing Loans. You have the choice of two competing mortgage loans, both for $350,000. You can get a 6% APR 15 - year loan or a 6.5% APR 20 - year loan. The interest on these loans will be deductible from your taxes. This year your taxable income will be $50,000. You have a very secure job, and you know that your taxable income will increase by 2% a year for the next 20 years, making the payments not an issue. Which loan is the better fi nancial deal? Assume the loan is taken on January 1 and that the savings APR is 3.0%. Also, assume that the tax tables won ’ t change and that I can use the 2008 married fi ling jointly table.