Amy is taking out a mortgage for 158 000 to buy a new house and...
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Amy is taking out a mortgage for 158 000 to buy a new house and is deciding between the offers from two lenders She wants to know which one would be the better deal over the life of the mortgage loan and by how much Answer each part Do not round intermediate computations and round your answers to the nearest cent If necessary refer to the list of financial formulas a A bank has offered her a 15 year mortgage loan at an annual interest rate of 3 4 Find the monthly payment 0 b An online lending company has offered her a 40 year mortgage loan at an annual interest rate of 3 4 Find the monthly payment 0 c Suppose Amy pays the monthly payment each month for the full term Which lender s mortgage loan would have the lowest total amount to pay off and by how much Bank The total amount paid would be less than to the online lending company Online lending company
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