Nicole is deciding between two mortgages for her new home. The first
mortgage is an 80/20 mortgage with interest rates of 4.75 and 7.525%,
respectively. The second mortgage is a 30-year mortgage with a 5.25% and a
$62.20 monthly PMI. If the house price is $175,000, which mortgage payment
will be lower initially, and by how much?
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