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Phil Pittman is interested in a fixed - rate mortgage for $ 4 0 0 , 0 0 0 . He is undecided whether to
Phil Pittman is interested in a fixedrate mortgage for $ He is undecided whether to choose a or year mortgage. The current mortgage rate is for the year mortgage and for the year mortgage. Round your answers to the nearest dollar. Use this table, if necessary.
a What are the monthly principal and interest payments in $ for each loan?
year mortgage $
year mortgage $
b What is the total amount of interest in $ paid on each loan?
year mortgage $
year mortgage $
c Overall, how much more interest in $ is paid by choosing the year mortgage?
$
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