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Suppose you obtain a 25-year mortgage loan of $196,000 at an annual interest rate of...

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Suppose you obtain a 25-year mortgage loan of $196,000 at an annual interest rate of 7.9%. The annual property tax bill is $975 and the annual fire insurance premium is $482. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.) $ 1680 The Mendez family is considering a mortgage loan of $349,500 at an annual interest rate of 6.9%. (a) How much greater is their mortgage payment if the term is 20 years rather than 30 years? $ 386.92 (b) How much less is the amount of interest paid over the life of the 20-year loan than over the life of the 30-year loan? $ 183352 x

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