The price of a small cabin is $35,000. The bank requires a 5% down payment. The buyer is offered two mortgage options: 20-year fixed at 7% or 30-year fixed at 7%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 20-year option?
Regent Papers is a library of common essays on high school, college, undergraduate and postgraduate topics. We have collected top papers from various institution, students and professors. The papers are based on common essay topics in all subjects.