Madeline is looking to purchase a house. She has been searching in the Rochester area...
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Madeline is looking to purchase a house. She has been searching in the Rochester area and has come across two options.
o House A is listed at $75,000. It has a 1,700 sq ft floor plan with 3 bedrooms and 1.5 bathrooms. The yearly taxes and insurance are $2,400 and $375.
o House B is a 1,300 sq ft house listed at $55,000. It has 3 bedroom and 1 bathroom, and taxes and insurance of $3,200 and $270 per year.
Madeline is planning to put $15,000 down on whichever house she chooses. She has also checked with the bank and has found a 30-yr mortgage with a 3.8% APR and a 15-yr mortgage with a 3.1% APR. Madeline is currently debating whether to buy House A with the 30-year mortgage or House B with the 15-year mortgage.
(Assume Madeline must pay asking price for either house.)
- Find the monthly payments on House A using the 30-yr mortgage.
- Find the monthly payments on House B using the 15-yr mortgage.
- Find the amount of interest Madeline would pay on each mortgage.
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