1. DETAILS MY NOTES ASK YOUR TEACHER Decreasing the number of years of a loan decreases the amount of interest repaid over the term of the loan. Suppose a dental hygienist has the option of a 30-year...

question 1 - a and b

Extracted text: 1. DETAILS MY NOTES ASK YOUR TEACHER Decreasing the number of years of a loan decreases the amount of interest repaid over the term of the loan. Suppose a dental hygienist has the option of a 30-year loan or a 25-year loan of $395,000 at an annual interest rate of 4.75%. (a) Calculate the monthly payment (in dollars) for each loan. (Round your answers to the nearest cent.) 30-year loan 25-year loan (b) Calculate the savings in interest (in dollars) by using the 25-year loan. (Round your answer to the nearest cent.) $