The March 9, 2007 edition of the Amarillo Globe-News reported mortgage rates at a low for the year. The local rates for a 30 year mortgage at the Citibank are 6.00% and the First United Bank at 6.50%. Tom Burke plans to purchase a $350,000 home with 20 percent down. (a) What would Tom's monthly payment be at the Citibank? (b) What would Tom's monthly payment be at the First United Bank?
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