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Sam is going to borrow $400,000 for a term of 30 years at a 4.5% interest rate. Calculate the following: The monthly payment The total

  1. Sam is going to borrow $400,000 for a term of 30 years at a 4.5% interest rate. Calculate the following:
    1. The monthly payment
    2. The total out-of-pocket cash Sam will spend to completely pay off the loan.
    3. How much would Sam save if he went with a loan for half that time at a 2.5% rate?

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