Loan 3: 15-year versus 30-year mortgage Amortize a mortgage for a $225,000 house with a 20%...

Loan 3: 15-year versus 30-year mortgage

Amortize a mortgage for a $225,000 house with a 20% down payment for both a 15-year mortgage at 3.625% and a 30-year mortgage at 4.125%.

15-year mortgage monthly payment?
What is the total interest cost over the life of the 15-year loan?
30-year mortgage monthly payment?
What is the total interest cost over the life of the 30-year loan?
Difference in interest costs between a 15-year and a 30-year mortgage?

Expert Solution

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As nothing was mentioned excel is used.

jeff jeffy answered 1 year ago

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