How much more in total will pay

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Reference no: EM132654899

Problem 1: You are considering the purchase of a home that would require a mortgage of $250,000 (i.e. you are borrowing $250,000 from a bank to buy the house. You intend to pay the bank back through equal monthly instalments). Suppose you are interested in the arithmetic sum of all the instalments you pay. How much more in total will you pay if you select a 30-year mortgage with an APR of 5.65% rather than a 15-year mortgage at an APR 4.9%?

Reference no: EM132654899

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