Suppose you borrow $230,000.00 by taking out a 15 year fixed rate mortgage with a monthly payment of $1,894.21. You made a down payment of $52,200.00. (a) Calculate the Total Cost of the home, including the down payment. Round your answer to the nearest cent. Total Cost (b) Calculate the Total Cost of the home, including the down payment, assuming instead a 30 year fixed mortgage with a monthly payment of $1,464.33 and a down payment of $52,200.00. Round your answer to the nearest cent. Total Cost $ (c) How do the totals compare for the 15 and 30 year loans? O Total Cost of home with 15 year mortgage Total Cost of home with 30 year mortgage

Suppose you borrow $230,000.00 by taking out a 15 year fixed rate mortgage with a monthly payment of $1,894.21. You made a down payment of $52,200.00. (a) Calculate the Total Cost of the home, including the down payment. Round your answer to the nearest cent. (b) Calculate the Total Cost of the home, including the down payment, assuming instead a 30 year fixed mortgage with a monthly payment of $1,464.33 and a down payment of $52,200.00. Round your answer to the nearest cent. (c) How do the totals compare for the 15 and 30 year loans? Total Cost of home with 15 year mortgage Total Cost of home with 30 year mortgage