(7-A) The Mendez family is considering a mortgage loan of $348,500 at an annual interest rate...

(7-A) The Mendez family is considering a mortgage loan of $348,500 at an annual interest rate of 6.9%. How much less is the amount of interest paid over the life of the 20-year loan than over the life of the 30-year loan?

(8-B) Marcel Thiessen purchased a home for $209,300 and obtained a 15-year, fixed-rate mortgage at 9% after paying a down payment of 10%. Of the first month's mortgage payment, how much is interest and how much is applied to the principal?

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jeff jeffy answered 1 year ago

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