Mathematics, 12.08.2020 18:01 reeeg38

The Smith's are picking between two $400,000 mortgages. One is a 30 year loan at an APR of 6%. The other is a 20 year loan with an APR of 5.5%. a) Calculate the monthly payment for each loan (2 pts). b) Calculate the total amount paid over the life of each loan (2 pts). c) Explain why the Johnson's might pick the loan with a higher monthly payment (1 pt).

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The Smith's are picking between two $400,000 mortgages. One is a 30 year loan at an APR of 6%. The o...

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