Finance

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Assume that Jocelyn is comparing two fixed-rate loan options, a 15 year and a 30 year mortgage. Both options have the same interest rate and amount borrowed. The 30 year, when compared to the 15 year loan will have a 1)_____________ monthly payment and a 2)___________ total cost when repayment is completed.
a. Higher, Higher
b. Higher, Lower
c. Lower, Higher
d. Lower, Lower
I picked c

  • Finance -

    My answer is b.

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