Difference in monthly payments of either mortgages

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Reference no: EM131937473

Your friends suggest that you take a 30 year mortgage instead of a 15-year mortgage, although you think it may be too long and you would probably lose a lot of money on interest. If your bank approves both a 30-year, $750,000 loan at a fixed interest rate of 10% (APR) and a 15-year,$750,000 loan at a fixed interest rate of 15%, what will be the difference in monthly payments of either mortgages?

Reference no: EM131937473

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