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A family buys a house for a $335,000, with a down payment of $30,000. They take out a 30-year mortgage for $305,000 at an
A family buys a house for a $335,000, with a down payment of $30,000. They take out a 30-year mortgage for $305,000 at an annual interest rate of 6%. The monthly payments on this loan are $1828.63, with $353,306.80 paid in interest. Calculate the monthly payment and total interest paid if this were a 15-year mortgage, and then compare the two mortgages. The monthly payment on the 15-year mortgage is $ . This is $ than the interest paid on the 30-year mortgage. (Do not round until the final answer. Then round to the nearest cent.) than the monthly payment on the 30-year mortgage. The amount of interest paid on the 15-year mortgage is $
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