Recently offered the couple two alternatives

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Mr. and Mrs. Brown purchased a $35,000 house 20 years ago. They took a 30-year mortgage for $30,000 at a 3% annual interest rate. Their bank has recently offered the couple two alternatives by which they could prepay their mortgage. The Browns have just made their 20th annual payment. Which of the following two alternatives, if either, should the Browns pursue?

Reference no: EM131053250

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