Question
TOTAL INTEREST PAID. You are considering purchasing a home that requires $500,000 mortgage at 5.5%. The payment on the 30 year mortgage for this amount
- TOTAL INTEREST PAID. You are considering purchasing a home that requires $500,000 mortgage at 5.5%. The payment on the 30 year mortgage for this amount is $2,838.95 per month, the payment for a 15 year maturity is $4,085.42 per month.
A) What is the total amount that you would pay for the 30 year mortgage, including interest? B) What is the total amount that you would pay for the 15 year mortgage, including interest? C) What is the difference in the total interest paid between the two different maturities?
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Personal Finance Building Your Future
Authors: Robert Walker, Kristy Walker
2nd Edition
0077861728, 9780077861728
