A restaurant manager has the option of a 30-year loan of $411,000 at an annual interest rate of 3.95% or the same interest rate but on a loan for 15 years. (a) Calculate the monthly payment for each loan. (Round your answers to the nearest cent.) 30-year$ 15-year$ (b) Calculate the savings in interest by using the 15-year loan. (Round your answer to the nearest cent.) $ (c) The term of the 15-year loan is one-half the term of the 30-year loan. Is the monthly payment for the 15-year loan twice that of the 30-year loan? YesNo (d) Is the interest savings for the 15-year loan more or less than one-half of the interest paid on the 30-year loan? more less

A restaurant manager has the option of a 30-year loan of $411,000 at an annual interest rate of 3.95% or the same interest rate but on a loan for 15 years. (a) Calculate the monthly payment for each loan. (Round your answers to the nearest cent.) 30-year$ 15-year$ (b) Calculate the savings in interest by using the 15-year loan. (Round your answer to the nearest cent.) $ (c) The term of the 15-year loan is one-half the term of the 30-year loan. Is the monthly payment for the 15-year loan twice that of the 30-year loan? YesNo (d) Is the interest savings for the 15-year loan more or less than one-half of the interest paid on the 30-year loan? more less

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter8: Sequences And Series

Section8.4: Mathematics Of Finance

Problem 21E

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Question

A restaurant manager has the option of a 30-year loan of $411,000 at an annual interest rate of 3.95% or the same interest rate but on a loan for 15 years.

(a)

Calculate the monthly payment for each loan. (Round your answers to the nearest cent.)

30-year$ 15-year$

(b)

Calculate the savings in interest by using the 15-year loan. (Round your answer to the nearest cent.)

(c)

The term of the 15-year loan is one-half the term of the 30-year loan. Is the monthly payment for the 15-year loan twice that of the 30-year loan?

YesNo

(d)

Is the interest savings for the 15-year loan more or less than one-half of the interest paid on the 30-year loan?

less

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