Carl and his partner are taking out a mortgage for their first home. They put a $200 000 down payment on a $650 000 home. Their mortgage broker suggests a 3.25% interest rate on a 25-year mortgage, or a 3.39% interest rate on a 30-year mortgage. Which option would you recommend, and why? Support your answer by considering monthly payments, interest, and any other factors you consider important.

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A:

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A:

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Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.