A Couple Considering a Mortgage of $80,000 Have a Choice

question 83

Multiple Choice

A couple considering a mortgage of $80,000 have a choice of loans. One loan is an 8% loan for 20 years, and the other loan is at 7% for 20 years. Find the amount of interest that the couple can save by choosing the 20-year loan.

• A) $-5738.88
• B) $-4738.88
• C) $-3738.88
• D) $-11738.88
• E) $-10838.88

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