Mortgages, loans taken to purchase a property, involve regular payments at foxed 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 deoded to buy a house that is valued at $1 million. 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 approved your $900,000 mortgage, and is offering a standard 30 -year mortgage of a 12% froed 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.) gest 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 15 year, $900,000 loan at a foxed nominal interest rate of 12% (APR), then the difference in the monthly payment of the 15 -year e-year mortgage will be ?(Note: Round the final value of any interest rate used to four decimal places.) fou 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 payurcms anu 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? $1,388,431,80$1,916,035,88$1,638,349,52$1,77,192.70 Your fnends suggest that you take a 15 -year mortgage, because a 30 year mortgoge 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 foced nominal interest rate of 12% (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 plices.) It is likely that you won't lake the prospe iore money each month. Jhut if you do take out a 15-year mortgage, you will make far fewer. payments and will pay a lot less in inter I 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? $1,388,431.80$1,916,035,68$1,638,349.5251,777,192.70 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 laan if you take,out a 30 -year mortgage instead of a 15.yoar mortgage? $1,388,431,80$1,916,035,89$1,638,349,52$1,777,192.70 Which of the following stotements is not true about mostgages? Mortgages always have a fixed nominal interest rate. The ending balance of an amortiged loan controct will be zero. The payment allocoted toward princpal in an amortized loan is the residual balance-that is, the difierence between total gayment and the interost dise. Mortgages are exarnples of amortiged loans