Lamar is taking out a mortgage for $146,000 to buy a new house and is deciding between the offers from two lenders. He 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 him a 15-year mortgage loan at an annual interest rate of 4.4%. Find the monthly payment. (b) An online lending company has offered him a 15-year mortgage loan at an annual interest rate of 4.8%. Find the monthly payment. (c) Suppose Lamar 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 The total amount paid would be $ less than to the bank.

Lamar is taking out a mortgage for $146,000 to buy a new house and is deciding between the offers from two lenders. He 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 him a 15-year mortgage loan at an annual interest rate of 4.4%. Find the monthly payment. (b) An online lending company has offered him a 15-year mortgage loan at an annual interest rate of 4.8%. Find the monthly payment. (c) Suppose Lamar 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 The total amount paid would be $ less than to the bank.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 19DQ

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