The 30 -year mortgage rate is \(6.4 \%\).

a. Find the payment.

b. Determine the total that would be paid if the mortgage was completed.

c. Find the cost of financing for this mortgage.

Fifteen-year mortgage compared to 30-year mortgage. Mortgage interest rates are often higher for 30 -year mortgages than 15 -year mortgages. However, the payments for 15 -year mortgages are considerably higher. The following exercises explore the difference between a 15 - and 30 -year mortgage for a mortgage of \(\$ 100,000\).