Finance
A mortgage with a 30-year term and fixed rate compared to a 15-year fixed rate will have:
ALower total interest paid over the life of the loan
BLower monthly payments but higher total interest paid✓ Correct
CHigher monthly payments and lower total interest
DThe same total interest costs regardless of term
Explanation
A 30-year mortgage has lower monthly payments because the principal is spread over more payments, but the borrower pays significantly more total interest compared to a 15-year loan.
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