Choosing the right mortgage
Question: If you purchase a home for $165k at 5% interest, what would the monthly payments be for a 15 year mortgage and for a 30 year mortgage?Which mortgage would you choose and why?
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Problem: How much would you have to invest today to receive: a. $12,000 in 6 years at 12 percent? b. $15,000 in 15 years at 8 percent?
What would the monthly payments be for a 15 year mortgage and for a 30 year mortgage? Which mortgage would you choose and why?
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