What is the difference in interest cost

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Reference no: EM131900665

Joe Levi bought a home in Arlington, Texas, for $140,000. He put down 20% and obtained a mortgage for 30 years at 7.5%. What is the difference in interest cost if he had obtained a mortgage rate of 5.5%? (Do not round intermediate calculations.)

Difference: $

Reference no: EM131900665

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