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The Mendez family is considering a mortgage loan of $348,000 at an annual interest rate of...

The Mendez family is considering a mortgage loan of $348,000 at an annual interest rate of 6.65%.

(a) How much greater is their mortgage payment if the term is 20 years rather than 30 years?

(b) How much less is the amount of interest paid over the life of the 20-year loan than over the life of the 30-year loan?

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Answer #1

a) 391.38

b) 174153.6

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