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Difference in your total payments for option

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You took a $200,000 mortgage at 4% interest. What are your monthly payments for a 15-year and a 30-year term? What are your total payments at the end of each mortgage? What is the difference in your total payments for each option? Is there a reason why you should not finance for more than 15 years? Give your reasons.

Reference no: EM131936540

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