It is likely that you wont 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?

A) $1,010,987.89

B) $1,182,341.77

C) $856,769.40

D) $1,096,664.83

Which of the following statements is not true about mortgages?

A) Mortgages are examples of amortized loans.

B) If the payment is less than the interest due, the ending balance of the loan will decrease.

C) Every payment made toward an amortized loan consists of two partsinterest and repayment of principal.

D)The ending balance of an amortized loan contract will be zero.