Question: The interest rate on a 3 0 - year, $ 5 7 0 , 0 0 0 . 0 0 mortgage is 5 . 5

The interest rate on a 30-year, $570,000.00 mortgage is 5.50% compounded semi-annually. Calculate the amount of interest saved if the mortgage was settled with month-end payments in 16 years instead of month-end payments in 30 years. Note: Round the month-end payments to the nearest cent.

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