Mark takes out a $238,000 mortgage for 30 years. Instead of paying his monthly payment of $1,220.09, he decides to pay $1,420.09. This leads to Mark paying off the entire mortgage in 22 years and 5 months. Mark calculates the percent of the total loan he pays back in interest with and without the extra payments. What is the difference between Mark's calculated percentages?

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To find the difference between the percentages of the total loan Mark pays back in interest with and ... View the full answer