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Posted on Jul 27, 2024

Joe Levi bought a home in Arlington, Texas, for $ 1 4 5 , 0 0 0 . He put down 3 0 % and

Joe Levi bought a home in Arlington, Texas, for $

145, 000 .

He put down

30 %

and obtained a mortgage for

30

years at

7 % .

What is the difference in interest cost if he had obtained a mortgage rate of

5 % ? (

Do not round intermediate calculations. Round your answer to the nearest cent.

)

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