Use PMT =[1(1+nr)m]p(nr) to determine the regular paymert amourt, rounded to the nearest dollar. The...
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Use PMT =[1(1+nr)m]p(nr) to determine the regular paymert amourt, rounded to the nearest dollar. The price of a small caben is S45,000. Tha barkik requives a 5% downt paymen The buyer is oflered two mortgage optiors: 20-year fixed at 10\%s or 30 year foxed at 10%. Calcilate the amount of interest paid for each option. How much doeg the buyer save in ineerest with the 20year option? Find the montily paymert for the 20 -year option. (Round to the nearest dollat as neoded) Find the monthly payment for the 30 year option (Round to the noarest dallar as neoded.)
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