Amount of interest paid, The price of a small vacation home

Amount of interest paid

Reference no: EM13118223

The price of a small vacation home is $40,000. The bank requires a 5% down payment. The buyer is offered two mortgage options: 20 year fixed at 8% or 30 year fixed at 8%.

a. Calculate the amount of interest paid for each option.

b. How much does the buyer save in interest with the 20 year option?

Reference no: EM13118223

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