13. Morteau payments Morton, loans taken to purchase a property, nieregular payments at friend intervals and are treated as reverse annuities Mortgages are the reverse of annuities, because you get a sump-tum annotas alan in the beginning, and then you make monthly payments to the lender You've decided to buy a house that is valita mo you have $350,000 to a down payment on the house, and want to take out a morto for the reader of the purchase once your bank has approved your 450,000 mortgape, and is offering a standard 30 year mortgages 10% fed nominal estate (cated the in's annual percentage rate ar APR). Under this loan proposal, your mortgage payment will be per month (Note Round the inal value of any interest rate used to four decimal placut) Your bien sopes that you take a 15-year marton, because 30-year mortgage in too long and you will pay a lot of money on interest your bananreves 15-1650.000 atafia nominal terest rate of 10% (R), then the difference in the monthly payment of the 15 year monese and 30 year mortgage will be (Note: Round the final value of any interest rate used to four decimal places tily that you want me prospect of paying more money each month, but if you do take out a year mortgage you will make for fewer payments and will be lost in interest. How much more total interest will you say over the life of the you take out a year ortgage tead of 15-year more! OS.B.740.21 3.500.55 11,080,12141 with the woment is not to morong Mortones related as very ayant me toward a more bancoftwarts and rent of con Thening to mentre will