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13-01-2023
Mathematics

Answered

4. United Bank offers a 15-year mortgage at an APR of 4.2%. Capitol Bank offers
a 25-year mortgage at an APR of 4.5%. Marcy wants to borrow $120,000.
a. What would the monthly payment be from United Bank?
b. What would the total interest be from United Bank? Round to the nearest
ten dollars.
c. What would the monthly payment be from Capitol Bank?
d. What would the total interest be from Capitol-Bank? Round to the nearest
ten dollars.
e. Which bank has the lower total interest, and by how much?
f. What is the difference in the monthly payments?
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g. How many years of payments do you avoid if you decide to take out the
shorter mortgage?

Answer :

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