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17 April, 06:28

Determine the difference between the monthly payments on a $120,000 home at 6 1/2% and at 8% for 25 years.

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  1. 17 April, 07:01
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    Interest = 120000 x 6.5 % x 25 = $ 195,000

    interest = 120000 x 8 % x 25 = $ 240,000

    Difference = $45000
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