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lan has the option of purchasing or renting a home. The purchase option requires a loan of $100,000 for a 20-year term at a 4.9%

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lan has the option of purchasing or renting a home. The purchase option requires a loan of $100,000 for a 20-year term at a 4.9% interest rate. The rental option requires a monthly rental payment of $725. Using the loan amortization formula, how much money does lan save per month if he purchases the home instead of renting it? Enter your answer as a dollar amount such as: $425.36

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