Mathematics, 26.03.2021 18:00 P4thing
Kareem and James both purchased a house in the last year. Each received a
mortgage loan totaling $225,000 for a term of 30 years. Kareem has excellent credit
and was given an interest rate of 2.9%. James' credit is not so excellent so he was
given an interest rate of 3.5%.
What will be the total cost of the mortgage for each? How much more, in total, will
James pay for his house over the 30 year term of the loan than Kareem (if there is no
refinancing)?
Answers: 2
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Kareem and James both purchased a house in the last year. Each received a
mortgage loan totaling $2...
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