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You plan to purchase a $340,000 house using either: Loan A: a 25-year mortgage obtained from your local savings bank with a rate of 8.10%,

You plan to purchase a $340,000 house using either: Loan A: a 25-year mortgage obtained from your local savings bank with a rate of 8.10%, or Loan B: a 10-year mortgage with a rate of 7.10%. You will make a down payment of 20% of the purchase price. What is the monthly payment on Loan B subtracts the monthly payment on Loan A, nearest cents?

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