Question
There are two common choices for the term of a home mortgage: 15 years or 30 years. Suppose you need to borrow $80000 at an
There are two common choices for the term of a home mortgage: 15 years or 30 years. Suppose you need to borrow $80000 at an APR of 6.6% to buy a home. What will your monthly payment be if you opt for a 15-year mortgage? (Round your answer to the nearest cent.) What percentage of your first month's payment will be interest if you opt for a 15-year mortgage? (Round your answer to two decimal places as a percentage.) How much interest will you have paid by the end of the 15-year loan? (Round your answer to the nearest cent.) What will your monthly payment be if you opt for a 30-year mortgage? (Round your answer to the nearest cent.) What percentage of your first month's payment will be interest if you opt for a 30-year mortgage?(Round your answer to two decimal places as a percentage.) (How much interest will you have paid by the end of the 30-year loan? (Round your answer to the nearest cent.)
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