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Terence and bradley are both buying new homes

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Terence and Bradley are both buying new homes. Each of their homes are being purchased for $350,000 and each are putting down 20%.

  • Terence is getting a 30-year mortgage for 5.5%
  • Bradley's 30-year mortgage is 4.75%

What are each of their payments? In the space below, please indicate all of the following variables:

Terrence's mortgage

  • PV
  • FV
  • Rate
  • Periods
  • Payment (monthly)
  • Total payments over the life of the loan
  • Interest paid over the life of the loan

Bradley's mortgage

  • PV
  • FV
  • Rate
  • Periods
  • Payment (monthly)
  • Total payments over the life of the loan
  • Interest paid over the life of the loan

Reference no: EM132245179

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