Question
A homeowner could take out a 15 year mortgage at a 6.5% annual rate on a $125,000 mortgage amount, or she could finance the purchase
A homeowner could take out a 15 year mortgage at a 6.5% annual rate on a $125,000 mortgage amount, or she could finance the purchase with a 30 year mortgage at a 7.0% annual rate. How much total interest over the entire mortgage periods could she save by financing her home with the 15 year mortgage (to the nearest dollar)?
| a. | $140,625 | |
| b. | $113,786 | |
| c. | $92,457 | |
| d. | $77,899 | |
| e. | $103,387 |
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The Oxford Handbook Of Entrepreneurial Finance
Authors: Douglas Cumming
1st Edition
0195391241, 978-0195391244
