Joe Levi bought a home in Arlington, Texas, for $141,000. He put down 25% and obtained a mortgage for 30 years at 8%. What is the difference in interest cost if he had obtained a mortgage rate of 6%? (Do not round intermediate calculations. Round your answer to the nearest cent.)

Joe Levi bought a home in Arlington, Texas, for $141,000. He put down 25% and obtained a mortgage for 30 years at 8%. What is the difference in interest cost if he had obtained a mortgage rate of 6%? (Do not round intermediate calculations. Round your answer to the nearest cent.)

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 38P

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plz solve it within 30-40 mins I'll upvote your answer

Joe Levi bought a home in Arlington, Texas, for $141,000. He put down 25% and obtained a mortgage for 30 years at 8%. What is the
difference in interest cost if he had obtained a mortgage rate of 6%? (Do not round intermediate calculations. Round your answer to
the nearest cent.)
* Answer is complete but not entirely correct.
Difference
$ 68,253.21 8

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