IF $300,000 IS BORROWED FOR A HOME MORTGAGE AT A POSTED RATE OF 6.1...

3. If $300,000 is borrowed for a home mortgage at a posted rate of 6.10% (APR semi-annually compounded), how much interest can be saved over the life of the mortgage by agreeing to a 20-year amortization period, rather than a 30-year amortization period? Assume monthly payments and choose the closest answer. A) $73,400 B) $82,824 C) $96,471 D) $110,715 E) $132,353