Calculate the total out-of-pocket cash you will spend

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Reference no: EM13212849

You are going to borrow $350,000 for a term (number of years) corresponding to 20 at a 6% interest rate. Calculate the following:

a) The monthly payment

b) The total out-of-pocket cash you will spend to completely pay off the loan

c) How much you would save if you went with a loan for half that time at a 3% rate?

Reference no: EM13212849

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