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What can you conclude about the relationship

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Q1. Suppose that Emily and Paul purchase a $200,000 home in 5 years and make $40,000 down payment immediately. Find the monthly mortgage payment assuming that the remaining balance is financed at a 3% fixed rate for 15 years. What if its mortgage term is 30 years?

Q2. What can you conclude about the relationship between the mortgage term and the amount of the monthly payment? From Question 1, is the monthly payment with the 30-year term half as large as the monthly payment with the 15-year term? Explain.

Reference no: EM133107545

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