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Search the Ch 05: Assignment - Time Value of Money 13. Mortgage payments Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as revere annuities. Mortgages are the reverse of annuities, because you get a lump sum amount as a loan in the beginning, and then you make monthly payments to the lender You've decided to buy a house that is valued at $1 million. You have $200,000 to use as a down payment on the house, and want to take over mortgage for the remainder of the purchase price. Your bank has approved your $800,000 mortgage, and is offering a standard 30-year morto at 9% fixed nominal interest rate (called the loan's annual percentage rate or APR). Under this loan proposal, your mortgage payment will be per month. (Note: Round the final value of any interest rate used to four decimal places.) Your friends suggest that you take a 15-year mortgage, because a 30-year mortgage is too long and you will pay a lot of money on interest of your bank approves a 15-year $500,000 loan at a fixed nominai interest rate of 0% (APR), then the difference in the monthly payment of the is your mortgage and 30-year mortgage will be 7(Note: Round the final value of any interest rate used to four decimal places It is likely that you won't like the prospect of paying more money each month, but if you do take out a 15-vear mortage, you will make a payments and will pay a lot less in interest. How much more total interest will you pay over the life of the loan if you take out 30-ve mortgage Instead of a 15-year mortgage 51,010,097.30 $1.096 664.33 51.152341.77 5856759.40 55F Clear RI earch It is likely that you won't like the prospect of paying more money each month, but if you do take out a 15.vear mortape, you will make for fewer payments and will pay a lot less in interest. How much more total interest will you pay over the life of the loan if you take out a 30 year mortgage instead of a 15-year mortgage? O $1,010,987.89 $1,096,664.83 $1,182,341.77 $856,769.40 Which of the following statements is not true about mortgages? If the payment is less an the Interest due, the ending balance of the loan will decrease The ending balance of an amortized loan contract will be zero, Mortgages are examples of amortized loans. Every payment made toward an amortized loan consists of two parts-interest and repayment of principal Grade It Now Save & Continue Continue without