It is likely that 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? $1,703,144.66 $1,234,162.80 O $1,579,728.38 O $1,456,312.10 Which of the following statements is not true about mortgages? O The payment allocated tow ard principal in an amortized loan is the residual balance-that is, the difference between total payment and the interest due. O Mortgages are examples of amortized loans. O Mortgages always have a fixed nominal interest rate. O The ending balance of an amortized loan contract will be zero. It is likely that 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? $1,703,144.66 $1,234,162.80 O $1,579,728.38 O $1,456,312.10 Which of the following statements is not true about mortgages? O The payment allocated tow ard principal in an amortized loan is the residual balance-that is, the difference between total payment and the interest due. O Mortgages are examples of amortized loans. O Mortgages always have a fixed nominal interest rate. O The ending balance of an amortized loan contract will be zero