Solved: Joe levi brought a new home in arlington texas for 140000, Accounting Basics

Joe levi brought a new home in arlington texas for 140000

Question - Joe Levi brought a new home in Arlington, texas for $140,000. He put down 20% and has two options. At bank a he can get a 30 year mortgage at 5.5% and at bank B he can get a 30 year mortgage at 7.5%.

How much would he save in total interest by choosing bank B?

What would be the amount lower by choosing bank A?

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Accounting Basics: Joe levi brought a new home in arlington texas for 140000

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