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There are two common choices for the term of a home mortgage: 15 years or 30 years. Suppose you need…

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There are two common choices for the term of a home mortgage: 15 years or 30 years. Suppose you need to borrow $90,000 at an APR of 6.75% to buy a home. What will your monthly payment be if you opt for a 15 year mortgage?

 
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