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OpenStudy (anonymous):
Gretta needs a $300,000 mortgage and is offered two choices. The monthly payments for the fixed rate and predicted payments for the ARM are shown. Adjustable Rate Mortgage Year Monthly Payment 1-15 $1,610.46 Adjustable Rate Mortgage Year Monthly Payment 1-5 $1,520.06 6-15 $1,728.54 What is the difference between the total costs of the mortgages rounded to the nearest hundred? $8,700 $1,700 $15,800 $5,000
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