Suppose you take out a fixed rate mortgage and make an extra payment of $50 per month in addition to the scheduled monthly payments. Which of the following mortgages will have the greatest difference in the number of actual payments and the number of scheduled payments?
A) 15-year, 7 percent
B) 15-year, 9 percent
C) 30-year; 7 percent
D) 30-year, 9 percent
E) All will be reduced by the same number of payments.
Correct Answer:
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