s e reverse t a para property, regular payments at fed intervals and are treated as reverse annuites Mortgages are the be because you get a kampsum amount as a loan in the beginning, and then you make monthly payments to the landet Youve 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 mortgage at a 10% food nominal interest rate (called the loan's annual percentage rate or APR). Under this loan 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 will pay a lot of money on interest. If your bank approves 15 year $750,000 loan at a food nominal interest rate of 10% (APR), then the difference in the monthly payment of the 15 year mertuage and 30 year mortgage will be (Note: Round the final value of any interest rate used to four decimal places.) It is likely that 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 fewer 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? 5918,602.20 $1,004,045.00 $1,175,913.22 $1,267,781.44 Which of the following statement is not true about mortgages? Mortgages are examples of amortized loans Mortgages a t have fed nominal interest rate The payment located toward principali a mortized loans the residual balance that the difference between total payment and the rest du The ending balance of an amortized loan contractul bezero