Show that taking out a 15 year mortagage instead of a 30 year mortagage (for the same loan amount at the same annual rate ) doesnt double your monthly payment and more than halves the total interest you pay on your loan. (The advantages are usually greater since you can usually negotiate a lower interest rate for a shorter mortgage)

Show that taking out a 15 year mortagage instead of a 30 year mortagage (for the same loan amount at the same annual rate ) doesnt double your monthly payment and more than halves the total interest you pay on your loan. (The advantages are usually greater since you can usually negotiate a lower interest rate for a shorter mortgage)

Intermediate Algebra

10th Edition

ISBN:9781285195728

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter2: Equations, Inequalities, And Problem Solving

Section2.S: Summary

Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?

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