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1. Professor G wants to take out a mortgage for $250,000. He has a choice of taking a 20-year 4.2% mortgage or a 30 year

1. Professor G wants to take out a mortgage for $250,000. He has a choice of taking a 20-year 4.2% mortgage or a 30 year 4.44 mortgage. How much interest will he save if he chooses the 20 year mortgage? Assume payments are made at the end of each month.

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