What is the difference in interest cost

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Joe Levi bought a home in Arlington, Texas, for $134,000. He put down 30% and obtained a mortgage for 30 years at 7.50%. What is the difference in interest cost if he had obtained a mortgage rate of 5.50%? (Use Table 15.1.) (Use 360 days a year. Round your intermediate values and final answer to the nearest cent.)

Reference no: EM133062230

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