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October 24, 2014

Homework Help: Math

Posted by kaitlyn Blackmon on Saturday, November 17, 2012 at 2:32pm.

The price of a small cabin is $40,000. The bank requires a 5% down payment. The buyer is offered two mortgage options: 20-year fixed at 8.5% or 30-year fixed at 8.5 %. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 20-year option?

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