Problems 53-55 are based on a 30-year fixed-rate home loan of ($ 585,500) with an interest rate
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Problems 53-55 are based on a 30-year fixed-rate home loan of \(\$ 585,500\) with an interest rate of \(3.75 \%\).
Suppose you reduce the term to 20 years. What is the total amount of interest paid, and what is the savings over the 30-year loan?
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