Your triends suggest that you take a 15 -year mortgoge, because a 30 -year mortgage is too long and you will pay a lot of money on interest. If your bank approves a 15 ryear, $750,000 ioan at a fixed nominal interest rate of 10% (APR), then the difference in the monthly payment of the 15year mortgage and 30 -year mortgage will be ?(Note: Round the final value of any interest rate used to four decimal places.) It is Bkely that vou won't like the prosp ore money each month, but if you do take out a 15 year mortgage, you wil make for fewer peyments and will pay a lot less in inter more total interest will you pay over the life of the loan if you take out a 30 -vear mortgage instead of a 15 -year mortgage? 51,054,045,00 $1,267,781.44 $928,682.20 51,175,913.22 12. Mortgage payments Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as reverse annuities. Mortgages are the reverse of annuibies, because you get a lump-sum amount as a loan in the beginning, and then you make monthly payments to the lender. You've decided to buy a house that is valued at $1 million. You have $250,000 to use as a down payment on the house, and want to take out a mortgage for the remainder of the purchase price. Your bank has approved your $750,000 mortgage, and is offering a standard 30 -year mortgage at a 10% fixed nominal interest rate (called the loan's annual percentage rate or APR). Under this loan proposal, your mortgage payment will be per month. (Note: Round the final value of any interest rate used to four decimal places.) gest that you take a 15-year mortgage, because a 30 -year mortgage is too long and you will pay a lot of money an interest. If your i 15-year, $750,050 loan at a fixed nominal interest rate of 10% (APR), then the difference in the monthly payment of the 15 -year 0 -year mortgage will be ?(Note: Round the finsl value of any interest rate used to four decimal places.) ou won't like the prospect of paying more money each month, but if you do take out a 15 -year mortgage, you will make far fewer yamuna an 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 instesd of a 15 year mortgage? Which of the following statements is not true about mortgages? Mortgages alwoys hove a fixed nominal interest rate Mortooges are examples of amortized loens. The ending balance of an amortized foan contract will be zero. The poyment allocated toward principal in an amortized loan is the residual balance- that is, the difference between total parment and the interest due
