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Solve the Problem. -A $95,000 Mortgage for 30 Years at 11% APR Requires

Question 14

Multiple Choice

Solve the problem.
-A $95,000 mortgage for 30 years at 11% APR requires monthly payments of $904.71. Suppose you decided to make monthly payments of $1,100. How much do you save with the greater payments compared to the original
Plan?


A) $136,605.60
B) $96,411.50
C) $102,468.40
D) $152,591.75

Correct Answer:

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