United Bank offers a 15 year mortgage at an APR of 6.2%. Capitol Bank offers a 25
Question:
a. What would the monthly payment be from United Bank?
b. What would the total interest be from United Bank? Round to the nearest ten dollar.
c. what would the monthly payment be from Capitol Bank?
d. What would the interest be from Capitol Bank? Round to the nearest ten dollars.
e. Which bank has the lower total interest, and by how much?
f. What is the difference in the monthly payments?
g. How many years of payments do you avoid if you decide to take out the shorter mortgage?
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Step by Step Answer:
a Use the monthly payment formula and substitute 120000 for p 0062 for r and 15 for t 102564 b 15 12 ...View the full answer
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Related Book For 
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
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