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to the nearest dollar. The price of a small cabin is $55,000. The bank requires a 5% down payment. The buyer is offered two mortgage

to the nearest dollar. The price of a small cabin is $55,000. The bank requires a 5% down payment. The buyer is offered two mortgage options: 20-year fixed at 8% or 30-year fixed at 8%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 20-year option?

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