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OpenStudy (anonymous):
Marianne is debating between two different mortgages for $175,000. She found a 20-year fixed rate loan at 7.55% and 15-year fixed rate loan at the same rate. How much more interest will she pay for the 20-year loan versus the 15-year loan?
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OpenStudy (anonymous):
p=175000 rate r=7.55% time t=20-15=5years more interest paid=prt/100=175000*7.55*5/100=66062.500
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