math problem?

  • Thread starter Thread starter Mr. Al
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Mr. Al

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the price of a small cabin is 50,000. bank requires 5% down payment. the buyer is offered two mortgage options: 20 year fixed at 7% or 30 year fixed at 7%.

what is the monthly payment for 20 year option?

what is the monthly payment for 30 year option?

how much interest does buyer save with 20 year option?
 
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