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Find the monthly payment for the 15-year option Find the monthly payment for the 30-year...

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Finance

imageFind the monthly payment for the 15-year option

Find the monthly payment for the 30-year option

Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the 15-year option?

The price of a home is $190,000. The bank requires a 15% down payment. The buyer is offered two mortgage options: 15-year fixed at 9% or 30-year fixed at 9%. 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 = 1-(1+***

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