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anonymous
 one year ago
Maria is debating between two different mortgages for $155,000. She found a 20year fixed rate loan at 7.35% and 15year fixed rate loan at the same rate. How much more interest will she pay for the 20year loan versus the 15year loan?
anonymous
 one year ago
Maria is debating between two different mortgages for $155,000. She found a 20year fixed rate loan at 7.35% and 15year fixed rate loan at the same rate. How much more interest will she pay for the 20year loan versus the 15year loan?

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ganeshie8
 one year ago
Best ResponseYou've already chosen the best response.3do you have EMI/monethly payment formula ?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0No, ive looked up three different formula's and none of them with the right answer. Im honestly lost at this point.

ganeshie8
 one year ago
Best ResponseYou've already chosen the best response.3its okay, use below formula : \[\Large\text{monthly payment} = \dfrac{P*i(1+i)^n}{(1+i)^n1}\] where \(P\) = loan amount = \(155,000\) \(i\) = monthly interest rate = \(\dfrac{0.0735}{12}\) \(n\) = number of months = \(20*12\) or \(15*12\)

ganeshie8
 one year ago
Best ResponseYou've already chosen the best response.3find the monthly payment for each type of loan
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