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 getia lump-sum amount as a loan in the beginning, and then you make inonthly payments to the lender. You've decided to buy a house that is valued at $1 milion. You have $100,000 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 opproved your $900,000 mortgage, and is offering a standard 30 -year mortgage a 10\% fixed nominal interest rate (colled 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, $900,000 loan at a fixed nominal interest rate of 10% (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.) It is rikely 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? $1,411,091,71$1,300,850.17$1,521,333,25$1,102,415.40 hich of the following statements is not true about mortgages? Mortgages always have a fixed nominal interest rate. The payment allocated toward principal in an amortized loan is the residual balance-that is, the difference between total payment and the interest due. The ending balance of an amortized loan contract will be zero. Mortgages are examples of amortized loans