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4. Mortgage payments Mortgages, loans taken to purchase a property, involve regular payments at fred intervals and are treated as reverse annutes Mortgages are the reverse of annuities, because you get a lump sum amount as a loan in the beginning, and then you make monthly Bayments to the lender A-2 You've decided to buy a house that is valued at $1 million. You have $250,000 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 $750,000 mortgage, and is offering a standard 30 year motorget 10% fixed nominal interest rate (called the loan's annual percentage rate or APR). Under this to proposal, your mortgage payment will be 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 wilot of money on interest. If your bank approves a 15-year, 5750,000 loan at a fixed nominal interest rate of 10 (APR), then the difference in the monthly payment of the 15-ye mortgage and 30-year mortgage will be Note: Round the final value of an interest rate used to four decimal places) Iskely that you won't like the prospect at paying more money each month, but if you do take out # 15-year mortgap. you wil meer 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 30 year more instead of a 15-year mortgage? $1,267,781.44 $1,175.03.22 O 1918.652.20 51,084,045.00 mmortgages O $1,267,781.44 $1,175,913.22 $918,682.20 O $1,084,045.00 Which of the following statements is not true about mortgages? The ending balance of an amortized loan contract will be zero. Mortgages always have a fixed nominal interest rate, O Mortgages are examples of amortized loans. The payment allocated toward principal in an amortized loan is the residual balance that is, the difference between total payment and the interest due. Save & Continue Continue without saving