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The price of a home is $ 1 5 0 , 0 0 0 . The bank requires a 1 5 % down payment. The
The price of a home is $ The bank requires a down payment. The buyer is offered two mortgage options: year fixed at or year fixed at Calculate the amount of interest paid for each option. How much does the buyer save in interest with the year option? Use the following formula to determine the regular payment amount.
Find the monthly payment for the year option.
$
Round to the nearest dollar as needed.
Find the monthly payment for the year option.
$
Round to the nearest dollar as needed.
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