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You want to buy a $218,000 home. You plan to pay 20% as a down payment, and take out a 20 year loan for the
You want to buy a $218,000 home. You plan to pay 20% as a down payment, and take out a 20 year loan for the remaining balance. d) What would your monthly payments be if you could afford to pay off the home in 15 years instead? e) What would the total of all payments be with the shorter time period on the loan? (Use unrounded payment amount when calculating this value) f) How much money do you save by paying of the loan more quickly?
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