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The price of a home is $130,000. The bank requires a 15% down payment. The buyer is offered two mortgage options: 15-yea
Posted: Thu Jun 30, 2022 7:36 pm
by answerhappygod
- The Price Of A Home Is 130 000 The Bank Requires A 15 Down Payment The Buyer Is Offered Two Mortgage Options 15 Yea 1 (67.04 KiB) Viewed 50 times
The price of a home is $130,000. The bank requires a 15% down payment. The buyer is offered two mortgage options: 15-year fixed at 9.5% or 30-year fixed at 9.5%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 15-year option? Use the following formula to determine the regular payment amount PMT= LIC [-(-9] -nt Find the monthly payment for the 15-year option. (Round to the nearest dollar as needed.) Find the monthly payment for the 30-year option. (Round to the nearest dollar as needed.) Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the 15-year option? (Use the answers from parts 1 and 2 to find this answer.)