Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as reverse annuities. Mort reverse of annuities, because you get a lump$-$sum amount as a loan in the beginning, and then you make monthly payments to the l

You've decided 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 mortgage for the remainder of the purchase price. Your bank has approved your $$900,000$ mortgage, and is offering a standard $30-y10\%$ fixed nominal interest rate $($called the loan's annual percentage rate or APR$).$ Under this loan proposal, your mortgage payment 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 i bank approves a $15-$year, $$900,000$ loan at a fixed nominal interest rate of $10\%($APR$),$ then the difference in the monthly payment mortgage and $30-$year mortgage will be

$?($Note: Round the final value of any interest rate used to four decimal plac

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 $m$ 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 $30-y$