a. How much money would you have to save every month in an annuity account that paid 5.5% APR in order to have as much money after 30 years, as you would have spent making monthly payments on a $300,000, 30 year mortgage house loan at 6% APR?

b. Mortgage companies give an interest discount if you use a 15-year mortgage rather than a 30-year mortgage. How much would you save if you had 15-year mortgage at 5.75% APR rather than the 6% APR 30-year mortgage?

b. Mortgage companies give an interest discount if you use a 15-year mortgage rather than a 30-year mortgage. How much would you save if you had 15-year mortgage at 5.75% APR rather than the 6% APR 30-year mortgage?

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