Mortgages, loans taken to purchase a propeng- ing ve ifgular payments at fixed intervals and are treated as reverse annutles, Mertgages are the reverse of annuities, because you get a lump sum smount as a ioan 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 paryment on the house, and want to take out a mortgage for the remainder of the purchase price. Your bank has approved your $800,000 mortgage, and is offering a standard 30 year mortgage at a 9% fared nominal interest rate (called the loan's annual percentage rate or Apq). 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 mortgoge, because a 30-year mortgage is too long and you will poy a lot of meney on interest. If your bank approves a 15 -year, $800,000 loan at a fixed nominal interest rate of 9%(APR), then the difference in the monthly payment of the 15 -ycar mortgage and 30 -year mortgage will be r(Note: Round the final value of any interest rate used to four decimal places.) It is lkely that you woa't fike the prospect of paying mote money each month, but if you do take out a is-year mortgage, you wilf make far fewer payments and will pay a lot less in interest. Hew much more total interest will wou pay over the life of the foan if you take out a 30 -year mortgage Instead af a 15 -year mortgage? 4556,769,40 51,010,967,89 31,096,664,83 51,162,341.77 Which of the fellowing statements is not true about mortgnges? The ending balance of an amertized loan confract will be zero