Mortigages, loans taken to parchase a property, irvolve regular psyments at foced intervals and are treated as teverse annuities. Mortgages are the rewerse of annumbes, 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 to buy a houve that is valued at $1 million. You have $200,000 to use as a down parment on the house, and want to take out a mortgage for the remainder of the pufchase price. Your bank has apgeoved vout $800,000 mertgege, and is offering a standard 30 year mortgage at a 9\% fwed nominal interest rate (called the loan's annual percentage rate or ApR). Under this loan proposal, your mortoage payment will be per month. (Note: Rocind the fanal value of amy interest rate used to four decimal places.) Your friends suggest that you take a 15 year mortgage, because a 30 -vear mortgage is too long and you will pay a lot of money on interest. If yout bank opproves a 15 -year, $000,000 boon at a fixed neminal interest rate of 946 (APR), then the difference in the monthly boyment of the 15 year itwortgave and 20 - year mortgage will be (Note: pound the finat value of any interest rate used to four decimal places.) It in likely that you woot like the peospect of poying moce money eoch month, but if you do take out a 15 yeor mortespe, you will moke far fewet payments and will pay a lot less an interest. How much mere total miterest will you pay ower the He of the loan of wou take out a 30 year inoctpage. instead of a 15 . res mortgage?. $1,096,5604.83 $656,769,40 41,987,341,77 51,010,968,49