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The price of a home is $ 1 6 0 , 0 0 0 . The bank requires a 1 5 % down payment. The

The price of a home is $160,000. The bank requires a 15% down payment. The buyer is offered two mortgage options: 15 year fixed at 9% or 30-year fixed at 9%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 15-year option? Use the following formula to determine the regular payment amount.
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