Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that
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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 $140,000 loan. Option 1: a 30-year loan at an APR of 8%. Option 2: a 15-year loan at an APR of 7.5%.
The monthly payment for option 1 is $___________
The monthly payment for option 2 is $__________
Related Book For
Fundamentals of Electric Circuits
ISBN: 9780073301150
3rd edition
Authors: Matthew Sadiku, Charles Alexander
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