Question: How much would Doug save in interest if he amortized his mortgage over 15 years, rather than 25 years, and assuming he makes monthly payments.

How much would Doug save in interest if he amortized his mortgage over 15 years, rather than 25 years, and assuming he makes monthly payments. The total mortgage amount is $340,000 and the interest rate is 2.8% compounded semi- annually. Answer to the nearest dollar and be careful to avoid rounding errors.

Correct Answer: 56,002

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