Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a small cabin is $30,000. The bank requires a 5% down payment. The buyer is offered two mortgage options: 20-
year fixed at 9% or 30-year foxed at 9% Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 20-year option?
Find the monthly payment for the 20-year option
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(Round to the nearest dollar as needed)