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OpenStudy (anonymous):
harper is shopping for a home and a mortgage for $175,800 with which to purchase this home. In research, she was eligible for 3 different mortgages: a 30-year fixed rate mortgage at 6.15% a 30-year, 6/1 adjustable-rate mortgage at 5.89% with a 2/9 cap a 30/6 balloon mortgage at 5.1% Which mortgage has the least expensive initial monthly payment? How do you know?
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