You have been shopping for a new home. You have a choice of financing. You can choose
Question:
a. Calculate the monthly payment for both the 30-year and 15-year mortgages.
b. Calculate the amount of interest paid over the life of the loan for both mortgages.
c. Choose the best mortgage for you and explain your answer.
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a This is a present value of an ordinary annuity problem Since mortgage payments are made on a month...View the full answer
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