Question: A borrower makes a fully amortizing $200,000 loan at 3 percent for 30 years with monthly payments of $843.21. The borrower is considering paying off

A borrower makes a fully amortizing $200,000 loan at 3 percent for 30 years with monthly payments of $843.21. The borrower is considering paying off the loan after 15 years. The loan balance after 15 years is $122,100.68. How much is the borrower saving in interests by paying off the loan earlier?

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