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You are considering purchasing a home that requires $300,000 mortgage at 5.25%. The payment on the...

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Finance

You are considering purchasing a home that requires $300,000mortgage at 5.25%. The payment on the 30 year mortgage for thisamount is $1656.61 per month, the payment for a 15 year maturity is$2411.63 per month.

A) What is the total amount that you would pay for the 30 yearmortgage, including interest?

B) What is the total amount that you would pay for the 15 yearmortgage, including interest?

C) What is the difference in the total interest paid between thetwo different maturities?

Answer & Explanation Solved by verified expert
3.9 Ratings (545 Votes)
AThe total amount paid for the 30year mortgage including interest Total amount paid Monthly payment x Total number of months 165661 per month x 30 Years x 12 Months 165661 per    See Answer
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Transcribed Image Text

You are considering purchasing a home that requires $300,000mortgage at 5.25%. The payment on the 30 year mortgage for thisamount is $1656.61 per month, the payment for a 15 year maturity is$2411.63 per month.A) What is the total amount that you would pay for the 30 yearmortgage, including interest?B) What is the total amount that you would pay for the 15 yearmortgage, including interest?C) What is the difference in the total interest paid between thetwo different maturities?

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