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QUESTION
Marie decides to buy a house for $85,000. She takes out a 30year mortgage with a 6.25% rate. What would Marie's interest be if using a simple
Marie decides to buy a house for $85,000. She takes out a 30year mortgage with a 6.25% rate. What would Marie's interest be if using a simple interest formula? What would the interest be if she took out a 15 year mortgage with the same rate? Don't forget to show your work.
