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Calculate the monthly payment of kathy

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Kathy plans to move to Maryland and take a job at McCormick as the assistant director of HR. She and her husband Stan plan to buy a house in Garrison, MD and their budget is $500,000. They have $100,000 for the down payment, and McCormick will pay for closing costs. Kathy and Stan are considering either a 30-year mortgage at 4.5% annual rate or a 15-year mortgage at 4%. Calculate the monthly payment for each. Property taxes and insurance will add $1,000 per month to which mortgage they choose. What should Kathy and Stan do?

Can you give me the formula to solve this problem?

Reference no: EM132404628

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