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How much interest (to the nearest dollar) would be saved on the following loan if the...

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Finance

How much interest (to the nearest dollar) would be saved on thefollowing loan if the home were financed for 15 rather than 30years? A $518,000 home bought with a 20% down payment and thebalance financed for 30 years at 5.4%

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Formula for Equal Annual payment Annual payment r x P 11rn P Principal 518000 x 080 414400 r rate of interest 54 n No of periods 30 Annual payment 0054 x 414400 11005430    See Answer
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How much interest (to the nearest dollar) would be saved on thefollowing loan if the home were financed for 15 rather than 30years? A $518,000 home bought with a 20% down payment and thebalance financed for 30 years at 5.4%

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