A 22-year old college graduate just got a job in Nashville. She is considering buying a house with a $150,000 mortgage. The APR is 14% compounded monthly for her monthly mortgage payments on a 32-year fixed rate loan. If she can get her FICO score up to 750, the APR drops to 13.6%. How much in interest cost will she save over the life of the loan assuming she can increase her FICO score to 750?
so using the information i used P = 150000 to find A.
so the Monthly payment for the 14% = $1769.635047
and the monthly payment on 13.6% = $1722.263005
What is the total interest saved over 30 years Rounding the answer to the nearest dollar?
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