Your friends suggest that you take a 15-year mortgage, because a 30-year mortgage is too long and you will pay a lot of money on interest. If your bank approves a 15-year, $800,000 loan at a fixed nominal interest rate of 9% (APR), then the difference in the monthly payment of the 15-year mortgage and 30-year mortgage will be ?(Note: Round the final value of any interest rate used to four decimal places. ) It is likely that you wont like the prospect of paying more money each month, but if you do take out a 15-year mortgage, you will make far fewer payments and will pay a lot less in interest. How much more total interest will you pay over the life of the loan if you take out a 30-year mortgage instead of a 15-year mortgage? $1,182,341.77 $1,010,987.89 $1,096,664.83 $856,769.40 Which of the following statements is not true about mortgages? Mortgages are examples of amortized loans. Every payment made toward an amortized loan consists of two partsinterest and repayment of principal. The ending balance of an amortized loan contract will be zero. If the payment is less than the interest due, the ending balance of the loan will decrease.