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Find the monthly repayment for each plan

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Reference no: EM131556587

Question: The Mendozas wish to borrow $300,000 from a bank to help finance the purchase of a house. Their banker has offered the following plans for their consideration. In plan I, the Mendozas have 30 yr to repay the loan in monthly installments with interest on the unpaid balance charged at 6.09%/year compounded monthly. In plan II, the loan is to be repaid in monthly installments over 15 yr with interest on the unpaid balance charged at 5.76%/year compounded monthly.

a. Find the monthly repayment for each plan.

b. What is the difference in total payments made under each plan?

Reference no: EM131556587

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