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

How much would Bob 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 $400,000 and the interest rate is 2.6% compounded semi-annually. Answer to the nearest dollar.

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