Problems 56-58 are based on a 30-year fixed-rate home loan of ($ 418,500) with an interest rate
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Problems 56-58 are based on a 30-year fixed-rate home loan of \(\$ 418,500\) with an interest rate of \(4.375 \%\).
Suppose you reduce the term to 20 years. What is the total amount of interest paid, and what is the savings over the 30-year loan?
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In order to calculate the total amount of interest paid over the life of a loan two primary elements ...View the full answer
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