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A $100,000 mortgage at 8.5% over thirty years has a monthly payment of $ 768.91. After the borrower makes twenty-three regular payments he makes an
A $100,000 mortgage at 8.5% over thirty years has a monthly payment of $ 768.91. After the borrower makes twenty-three regular payments he makes an additional principal payment with the 24th payment, sending the bank a total principal and interest payment of $1,500. If there are no additional prepayments, how much less total interest will the borrower pay compared to the original amortization schedule?
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