Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you are comparing two options for a $125,000 home

You are comparing two options for a $125,000 home mortgage. The first option is a...

90.2K

Verified Solution

Question

Finance

You are comparing two options for a $125,000 home mortgage. The first option is a 15- year mortgage with a 4% annual rate, and the second option is a 30-year mortgage with a 4.5% interest rate. If you want your monthly payment under the first option to be the same as the monthly payment under the 30-year option, how much additional down payment will you need to put down under the 15-year option? Answer: $39,374.47 (show your work). (6 points)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

1. You have a $30,000 portfolio that consists of equal dollar investments in stocks A, B,...

Biology
1.2K views

explain how microscopy technique in biological experiments relates to physics and mathematics

Psychology
1.2K views

provide a link and use your own words to write two paragraphs (approximately 14 sentences) what...

Economics
1.2K views

question If Susan Kalanti deposits $35,000 into her saving account at her Bank of America branch in...

Basic Math
1.2K views

Part B Which equation represents the total cost based on the number of months of...

Calculus
1.2K views

Find an equation of the parabola with focus 7 4 and directrix x 11 0...

Algebra
1.2K views

Convert this equation to slope intercep form 2x 3y 6

Algebra
1.2K views

Find m B D 10 C m B

Accounting
1.2K views

Yevmiye Defterine kaydedilecek aadaki kalemleri dikkate alarak YD'nizi hazrlamalsnz; 1 Ocak'ta, hissedarlardan bir miktar sermaye...

Accounting
1.2K views

Required Information Background Forrest runs Y Not Flowers, Inc. (YNF), a wholesale flower distributor with...

Accounting
1.2K views

can someone break down how to do this for me i feel like is so...

Accounting
1.2K views

Los datos comparativos de los estados financieros de Carmono Company son los siguientes: ...