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How much money would you have to save every month in an annuity account that paid 5.

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?


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