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Compare the monthly payments

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Question - 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 ?$50,000 loan.

Option? 1: a? 30-year loan at an APR of 8.15?%.

Option? 2: a? 15-year loan at an APR of 7.75?%.

Reference no: EM132765639

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