A couple needs a mortgage of $260,000. Their mortgage broker presents them with two options: a 30 year mortgage at 6.5% interest or a 15 year mortgage at 5.75% interest. (Round your answers to the nearest cent.) Find the monthly payment on the 30 year mortgage and the 15 year mortgage.
Added by Raul G.
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5% / 12 months = 0.0054167) n = number of payments (30 years * 12 months = 360) Show more…
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A couple needs a mortgage of $\$ 300,000 .$ Their mortgage broker presents them with two options: a 30 -year mortgage at $6 \frac{1}{2} \%$ interest or a 15 -year mortgage at $5 \frac{3}{4} \%$ interest. a. Find the monthly payment on the 30 -year mortgage and on the 15 -year mortgage. Which mortgage has the larger monthly payment? b. Find the total amount to be paid over the life of each loan. Which mortgage has the lower total payment over its lifetime?
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