Lloyd and Jean are considering purchasing a home requiring a $275 000 mortgage. The monthly payment on
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Lloyd and Jean are considering purchasing a home requiring a $275 000 mortgage. The monthly payment on a mortgage amortized over 25 years at a fixed rate of 7 percent, compounded semi-annually, for this amount is $1926.14. The monthly payment on a mortgage amortized over 15 years at the same fixed rate is $2456.44. What is the difference in the total interest paid between the two different maturities?
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The difference in total interest payments is 13568580 NOTE This question assumes ...View the full answer
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