Your friends suggest that you take a 15-year mortgage, Financial Management

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Your friends suggest that you take a 15-year mortgage

Your friends suggest that you take a 15-year mortgage, because a 30-year mortgage is too long and you will pay a lot of money on interest. If your bank approves a 15-year, $900,000 loan at a fixed nominal interest rate of 10% (APR), then the difference in the monthly payment of the 15-year mortgage and 30-year mortgage will be ?

(Note: Round the final value of any interest rate used to four decimal places.)

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