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

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Finance

Loan 3: 15-year versus 30-year mortgage

Amortize a mortgage for a $225,000 house with a 20% down paymentfor both a 15-year mortgage at 3.625% and a 30-year mortgage at4.125%.

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

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Transcribed Image Text

Loan 3: 15-year versus 30-year mortgageAmortize a mortgage for a $225,000 house with a 20% down paymentfor both a 15-year mortgage at 3.625% and a 30-year mortgage at4.125%.15-year mortgage monthly payment?What is the total interest cost over the life of the 15-yearloan?30-year mortgage monthly payment?What is the total interest cost over the life of the 30-yearloan?Difference in interest costs between a 15-year and a 30-yearmortgage?

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