jw72075 jw72075

12-12-2022
Mathematics

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Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans
are fixed rate and have the same closing costs.
You need a $190,000 loan.
Option 1: a 30-year loan at an APR of 7%.
Option 2: a 15-year loan at an APR of 6.5%.

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