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A family buys a house for a $220,000, with a down payment of $30,000. They take out a 30-year mortgage for $190,000 at an
A family buys a house for a $220,000, with a down payment of $30,000. They take out a 30-year mortgage for $190,000 at an annual interest rate of 6.3%. The monthly payments on this loan are $1176.05, with $233,378.00 paid in interest. Calculate the monthly payment and total interest paid if this were a 15-year mortgage, and then compare the two mortgages. This is $ The monthly payment on the 15-year mortgage is $ mortgage. The amount of interest paid on the 15-year mortgage is $ mortgage. (Do not round until the final answer. Then round to the nearest cent.) than the monthly payment on the 30-year than the interest paid on the 30-year
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