You are comparing two options for a $125,000 home mortgage. The first option is a...
90.2K
Verified Solution
Link Copied!
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: Zin AI - Your personal assistant for all your inquiries!
