Question: you plan to purchase a $240,000 house using either a 30 year mortgage of pain from your local bank with the rate of 5.75% or

you plan to purchase a $240,000 house using either a 30 year mortgage of pain from your local bank with the rate of 5.75% or a 15 year mortgage with a rate of 5% you'll make a down payment of 20% of the purchase price

a. calculate the amount of interest and principle paid on each mortgage. what is the difference in interest paid?

b. calculate your monthly payments on the two mortgages. what is the difference in the monthly payment on the two mortgage?

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