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FinanceQ&A LibraryChris and Becky are comparing mortgages. The mortgage is for $183,500. If they choose 30 years at 5%, their monthly payment will be $985.07 with a total payback of $354,625.20. If they choose 20 years at 4.5%, their monthly payment will be $1160.91 with a total payback of $278,618.40. How much interest will be paid on each loan? **Step by step example of how the problem is solved is appreciated.Start your trial now! First week only $4.99!*arrow_forward*

Question

Chris and Becky are comparing mortgages. The mortgage is for $183,500. If they choose 30 years at 5%, their monthly payment will be $985.07 with a total payback of $354,625.20.

If they choose 20 years at 4.5%, their monthly payment will be $1160.91 with a total payback of $278,618.40.

How much interest will be paid on each loan?

**Step by step example of how the problem is solved is appreciated.

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