Cost of the house


The Huber's want to buy a house which costs $175,000. They plan to take out $140,000 mortgage upon the house and pay the remaining $35,000 as a down payment. The bank informs them that with the 15-year mortgage their monthly payment would be $ 1167.98 and with a 30-year mortgage their monthly payment would be $ 997.68. Find out the amount they would save upon the cost of the house if they selected the 15-year mortgage rather than the 30-year mortgage.

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Mathematics: Cost of the house
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