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A family wants to purchase a house that costs $165,000. They plan to take out a $125,000 mortgage on the house and put $40,000 as a down payment. The bank informs them that with a 15-year mortgage their monthly payment would be $774.78 and with a 30-year mortgage their monthly payment would be $513.01. Determine the amount they would save on the cost of the house if they selected the 15-year mortgage rather than the 30-year mortgage.
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