A $525,000 adjustable rate mortgage is expected to have the following payments: Year Interest Rate...
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A $525,000 adjustable rate mortgage is expected to have the following payments: Year Interest Rate Monthly Payment 15 4% $2,506.43 615 6% $3,059.46 1625 8% $3,464.78 2630 10% $3,630.65 A fixed-rate mortgage in the same amount is offered with an interest rate of 4.65%. What is the difference in the total cost between the two mortgages, rounded to the nearest dollar? A spreadsheet was used to calculate the correct answer. Your answer may vary slightly depending on the technology used.
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