Hi everyone, I do understand the concepts of mortgage payments but my answers are slightly off.

Can I ask for the proper method to solve these problems? Formula or Calculator?

Attempts: 3 2 Keep the Highest: 3/4 13. Mortgage payments Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as reverse 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 $500,000 to use as a down payment on the house, and want to take out a mortgage for the remainder of the purchase price. Your bank has approved your $500,000 mortgage, and is offering a standard 30-year mortgage at a 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.) $6,235.82 uggest 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. If your $4,023.11 5 a 15-year, $500,000 loan at a fixed nominal interest rate of 9% (APR), then the difference in the monthly payment of the 15-year 30-year mortgage will be ?(Note: Round the final value of any interest rate used to four decimal places. ) $5,431.20 1 $5,028.89 t you won't like the prospect of paying more money each month, but if you do take out a 15-year mortgage, you will make far 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? $738,962.68 $535,480.20 $631,866.64 $685,414.66 Which of the following statements is not true about mortgages? The payment allocated toward principal in an amortized loan is the residual balance-that is, the difference between total payment and the interest due. Mortgages always have a fixed nominal interest rate. The ending balance of an amortized loan contract will be zero. Mortgages are examples of amortized loans. Grade It Now Save & Continue Continuo without couring Attempts: 3 2 Keep the Highest: 3/4 13. Mortgage payments Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as reverse 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 $500,000 to use as a down payment on the house, and want to take out a mortgage for the remainder of the purchase price. Your bank has approved your $500,000 mortgage, and is offering a standard 30-year mortgage at a 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. If your bank approves a 15-year, $500,000 loan at a fixed nominal interest rate of 9% (APR), then the difference in the monthly payment of the 15-year mortgage and 30-year mortgage will be ?(Note: Round the final value of any interest rate used to four decimal places. ) $1,519.92 It is likely that you won't like the prospe nore money each month, but if you do take out a 15-year mortgage, you will make far fewer payments and will pay a lot less in intere $1,048.22 h 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? $1,205.45 $738,962.68 $1,729.56 $535,480.20 $631,866.64 $685,414.66 Which of the following statements is not true about mortgages? The payment allocated toward principal in an amortized loan is the residual balance-that is, the difference between total payment and the interest due. Mortgages always have a fixed nominal interest rate. The ending balance of an amortized loan contract will be zero. Mortgages are examples of amortized loans. Grade It Now Save & Continue