Essay
A loan officer states, "Thousands of dollars can be saved by switching to a 15-year mortgage from a 30-year mortgage." Calculate the difference in payments on a 30-year mortgage at 9 percent interest versus a 15-year mortgage with 8.5 percent interest.Both mortgages are for $100,000 and have monthly payments.What is the difference in total dollars that will be paid to the lender under each loan?
Correct Answer:
Verified
$100,000 = PMT
PMT [133.3333-9.0515]
= P...View Answer
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Correct Answer:
Verified
PMT [133.3333-9.0515]
= P...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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