Question: PREVIOUS ANSWERS ASK YOUR TEACHER PRACTICE ANOTHER Decreasing the number of years of a loan decreases the amount of interest repaid over the term of

PREVIOUS ANSWERS ASK YOUR TEACHER PRACTICE ANOTHER Decreasing the number of

PREVIOUS ANSWERS ASK YOUR TEACHER PRACTICE ANOTHER Decreasing the number of years of a loan decreases the amount of interest repaid over the term of the loan. Suppose a dental hygienist has the option of a 30-year loan or a 25-year loan of $355,000 at an annual interest rate of 3.25%. (a) Calculate the monthly payment (in dollars) for each loan. (Round your answers to the nearest cent.) 30-year loan X X 25-year loan (b) Calculate the savings in interest (in dollars) by using the 25-year loan. (Round your answer to the nearest cent. ) Enter a number. Need Help? Read It Watch It

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