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Bernie Ponzi pays $240,000 for a new four-bedroom 2,400-square-foot home outside Tonopah, Nevada. He plans to make a 20% down payment but is having trouble deciding whether he wants a 15-year fixed rate (6.400%) or a 30-year fixed-rate (6.875%) mortgage.
a. What is the monthly payment for both the 15- and 30-year mortgages, assuming a fully amortizing loan of equal payments for the life of the mortgage? Use a spreadsheet calculator for the payments.
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