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Your friends suggest that you take a 15-year mortgage, because a 30-year mortgage is too...

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Finance

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Your friends suggest that you take a 15-year mortgage, because a 30-year mortgage is too long and you will pay a lot of money on interest. If your bank approves a 15-year, $800,000 loan at a fixed nominal interest rate of 9% (APR), then the difference in the monthly payment of the 15-year mortgage and 30-year mortgage will be ?(Note: Round the final value of any interest rate used to four decimal places. ) It is likely that you won't like the prospe $2,767.30 nore money each month, but if you do take out a 15-year mortgage, you will make far fewer payments and will pay a lot less in intere $2,431.87 h more total interest will you pay over the life of the loan if you take out a 30-year mortgage instead of a 15-year mortgage? $1,677.15 $856,769.40 $1,928.72

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