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Decreasing the number of years of a loan decreases the amount of interest repaid over the term of the loan. Suppose a dental hygienist has

Decreasing the number of years of a loan decreases the amount of interest repaid over the term of the loan. Suppose a dental hygienist has the option of a 30-year loan or a 25-year loan of $365,000 at an annual interest rate of 4.25%.
(a)
Calculate the monthly payment (in dollars) for each loan. (Round your answers to the nearest cent.)
30-year loan $
25-year loan $
(b)
Calculate the savings in interest (in dollars) by using the 25-year loan. (Round your answer to the nearest cent.)

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