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A homeowner could take out a 15-year mortgage at a 5.5 percent annual rate on a $200,000 mortgage amount or she could finance the purchase
A homeowner could take out a 15-year mortgage at a 5.5 percent annual rate on a $200,000 mortgage amount or she could finance the purchase with a 30-year mortgage at a 6.1 percent annual rate. How much total interest over the entire mortgage period could she save by financing her home with the 15-year mortgage
a. $190,000 b. $150,093 c. $163,220 d $195,666 e. $230,987 f. $142,166 g. $278,993
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