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the price of a home is $120,000. The bank requires a 15% down payment. The buyer if offered two mortgage options: 15-year fixed at 9.5%

the price of a home is $120,000. The bank requires a 15% down payment. The buyer if offered two mortgage options: 15-year fixed at 9.5% or 30-year fixed at 9.5%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 15-year option? Use the PMT formula to determine the regular payment amount.

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