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15. Mortgage payments Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as reverse annuities. Mortgages are the reverse of annulles, 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 house that is valued at $1 million. You have $150,000 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 $850,000 mortgage, and is offering a standard 30-year mortgage at a 12% fixed nominal interest rate (called the loan's annual percentage rate or APR). Under this toan proposal, your mortgage payment will be per month. (Note: Round the final value of any interest rate in percentage form to four decimal places.) $11,803.33 ogest 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 $13,551.98 15-year, $850,000 loan at a flwed nominal Interest rate of 12% (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 in percentage form to four decimal $10.929.01 $8,743.21 they are you won't like the prospect of paying more money each month, but if you do take out a 15-year mortgage you will make for Power 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-year mortgage Instead of a 15-year mortgage? O $1,809,591.52 $1,311,298,20 $1,678,461.70 $1,547,331.88 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 interest. If your bank approves a 15-year, $850,000 loan at a fixed nominal Interest rate of 129 (APR), then the difference in the monthly payment of the 15-year mortgage and 30-year mortgage will be (Note: Round the final value of any interest rate in percentage form to four decimal places $1,676.95 It is likely that you won't like the prospe 2,114.42 pore money each month, but if you do take out a 15-year mortgage, you will make for fewer payments and will pay a lot less in interd h more total interest will you pay over the life of the loan if you take out a 30-year mortgage $1,458.22 instead of a 15-year mortgage? $2,406.06 $1,809,591.52 $1,311,298.20 $1,678,46170 $1,547,331.88 Which of the following statements is not true about mortgages O Every payment made toward an amortised loan consists of two parte interest and repayment of principal O Mortgages are examples of amortized loans The ending balance of an amortized loan contract will be zero If the payment is less than the interest due, the ending balance of the loan will decrease