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Calculate the amount of interest paid for each option

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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 7.5% or 30-year fixed at 7.5%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 20-year option? Find the monthly payment for the 20-year option.

Reference no: EM13842577

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