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Amount of sarah monthly loan payment

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Sarah is buying a town house priced at $275,000. Mortgage A calls for her to make equal monthly payments for 15 years at a monthly interest rate of 0.80% with her first payment due in 1 month. However, her loan officer has offered her a new opportunity involving equal monthly payments for 20 years at a monthly interest rate of 0.75% with her first payment due later today. By how much would switching from mortgage A to the new opportunity reduce the amount of Sarah's monthly loan payment?

Reference no: EM132117915

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