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Terence and Bradley are both buying new homes. Each of their homes are being purchased for $350,000 and each are putting down 20%. Terence is

Terence and Bradley are both buying new homes. Each of their homes are being purchased for $350,000 and each are putting down 20%.

Terence is getting a 30 year mortgage for 5.5%

Bradley's 30 year mortgage is 4.75%

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  1. What is Terence's monthly payment?
  2. What is Bradley's monthly payment?
  3. How much interest will Terence pay over the life of the loan?

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