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Which of these actions has a greater reduction
in the total interest paid on a motgage?
● A reduction of the interest rate from 7% to 6%
on a 30-year term
• An increase in the term from 20 years to 30 years
on a 7% loan
A decrease in the amount financed from
$200,000 to $150,000 on any term and rate
• A decrease in the term from 30 years to 20 years
on any rate
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