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Question 1:

The monthly mortgage payment on your house is $586.81. It is a 30 year mortgage at a quoted rate of 7.8% (compounded semi-annually). Approximately how much did you borrow for your mortgage?

Question 2:

Using the same mortgage amount as in the previous question how much higher or lower would be your monthly payment under a 15-year mortgage as compared to a 25-year mortgage assuming the rate on both mortgages is 7.75% (compounded semi-annually).

Reference no: EM131586269

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