You have decided to purchase a condo for $150,000. Assume you can get a mortgage for the entire amount. You shopped around and the best interest rate you could find is 4.2%. You are debating whether to get a mortgage for 15 or 30 years. What is the monthly payment if you get a 15-year loan?

$733.53

$1,049.33

$1,124.63

$1,560.83

2.You have decided to purchase a condo for $150,000. Assume you can get a mortgage for the entire amount. You shopped around and the best interest rate you could find is 4.2%. You are debating whether to get a mortgage for 15 or 30 years. What is the monthly payment if you get a 30-year loan?

$673.57

$733.53

$1,049.33

$1,124.63

3.How much more in interest charges will you pay over the life of the loan if you get a 30-year loan? (as compared to a 15-year loan)

$28,242.36

$36,809.86

$49,465.85

$61,636.68

4.If you decide to get a 30-year loan and are able to pay extra $150 toward the principle each month, how soon can you pay off your mortgage? (in years)

21.51

21.68

22.96

25.45