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You want to buy a house that has a purchase price of $ 1 9 0 , 0 0 0 . You plan to make

You want to buy a house that has a purchase price of $190,000. You plan to make a down payment of 10% of the purchase price and then borrow the rest.
What is the dollar value of your down payment?
$
19,000
Correct: Your answer is correct.
How much money will you need to borrow?
$
171,000
Correct: Your answer is correct.
You have the option to take out a 30-year mortgage that has an APR of 4.4% or a 20-year mortgage that has an APR of 3.65%. When answering the following questions, remember to base your mortgage payments on the amount you need to borrow rather than the entire purchase price.
30-year mortgage
If you take out a 30-year mortgage with an APR of 4.4%, what will your monthly payment be?(Round your answer to the nearest cent.)
$
If you make the payment you just calculated every month for 30 years, how much will you pay altogether?
$
What dollar amount of your total 30-year mortgage payments go to interest?
Hint: The dollar amount of your interest is the difference between your total payments and the amount you borrowed.
$
What percentage of your total 30-year mortgage payments go to interest? (Round your percentage to one decimal place.)
%
20-year mortgage
If you take out a 20-year mortgage with an APR of 3.65%, what will your monthly payment be?(Round your answer to the nearest cent.)
$
Incorrect: Your answer is incorrect.
If you make the payment you just calculated every month for 20 years, how much will you pay altogether?
$
Incorrect: Your answer is incorrect.
What dollar amount of your total 20-year mortgage payments go to interest?
Hint: The dollar amount of your interest is the difference between your total payments and the amount you borrowed.
$
Incorrect: Your answer is incorrect.
What percentage of your total 20-year mortgage payments go to interest? (Round your percentage to one decimal place.)
Incorrect: Your answer is incorrect.
%
30-year vs 20-year mortgage
How much money will you save altogether by taking out a 20-year mortgage rather than a 30-year mortgage?
$

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