Question
Ted and Jane are buying a house for $280,000. They will make a 25% down payment. They will be able to obtain a loan at
Ted and Jane are buying a house for $280,000. They will make a 25% down payment. They will be able to obtain a loan at 8.5% annual interest rate.
What will be the monthly payment if their loan is for 15 years?
What is the total interest paid for the entire loan period of 15 year?
What is the total principal paid for the entire loan period of 15 year?
What will be the monthly payment if their loan is for 30 years?
What is the total interest paid for the entire loan period of 30 year?
What is the total principal paid for the entire loan period of 30 year?
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