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Merteages. loars taken to purchase a property, involve regular payments at fored intervals and are treated as reverse annuibes. Mortgages are the inerse of annuities, because you get a lump-sum amount as a loan in the beginning, and then you make monthly payments to the lender. You ke 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 take out a mortgage for the remainder of the purchase price. Your bank has approved your $900,000 mortgage, and is offering a standard 30 year mortgage at a 12\% fisad nominal interest rate (called the loan's annual percentage rate or APR). Under this loan proposal, vour mortgage payment will be per month. (Notel Round the final value of any interest rate used to four decimal places.) Your friends sugpest that you take a 15 year mortgage, because a 30 -year mortgage is too long and you wall pay a lot of money on interest. If your bank approves a 15-yeac, 5900,000 loan at a ficed ndminal interest rate of 12% (APR), then the difference in the monthly payment of the is-vear mortgage and 30 -year mortgage vill be r(Note: Round the final value of any interest rate used to four decimal places.) It is likely that you wont the the prospect of paying more money each month, but if you do take out a 15 year mortgage. you wall make far fewer parments and will pay a lot less in interent. How much more total interest will you pay over the life of the loan if you take out a 30 -vear mortgage initead of a 15 year mortoage? $1,916,035,86 31,380.431.00 $1,77,192,70 11.638,249.52