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 get a lump-sum amount as a loan in the beginning, and then you make monthly payments to the lender. You've decided buy a house that is valued at $1 million. You have $350,000 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 $650,000 mortgage, and is offering a standard 30 -year mortgage a 10% fixed 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.) 9gest 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 a 15-year, $650,000 loan at a fixed nominal interest rate of 10% (APR), then the difference in the monthly payment of the 15 -year 30-year mortgage will be ?(Note: Round the final value of any interest rate used to four decimal places.) tyou 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 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? $1,098,740.27$796,188.60$1,019,121.41$939,502.55 Which of the following statements is not true about mortgages? $1,098,740,27$796,188,60$1,019,121,41$939,502,55 Which of the following steterments is not true about mortgages? The ending belance of an amortired loas contract will be xero. Mortespes are examples of amortated loans. Every pwyment made toward an amortized loan consists of two parts - interest and repayment of principal. If the poymert is less than the intertst due, the ending balance of the loan wif decrease