You would like to buy a house for $850,000. You put $180,000 down, and then get a mortgage for the rest at 7.5%, compounded monthly. 1. Calculate the monthly mortgage and total cost of 360 payments if you amortize over 30 years. (Remember to round to 2 decimal places for each answer) 2. Calculate the monthly mortgage and total cost of 180 payments if you amortize over 15 years. (Remember to round to 2 decimal places for each answer) 3. List at least one benefit and at least one downside to each loan, and then tell me which would you prefer?
You would like to buy a house for $850,000. You put $180,000 down, and then get a mortgage for the rest at 7.5%, compounded monthly. 1. Calculate the monthly mortgage and total cost of 360 payments if you amortize over 30 years. (Remember to round to 2 decimal places for each answer) 2. Calculate the monthly mortgage and total cost of 180 payments if you amortize over 15 years. (Remember to round to 2 decimal places for each answer) 3. List at least one benefit and at least one downside to each loan, and then tell me which would you prefer?
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Question
You would like to buy a house for $850,000. You put $180,000 down, and then get a mortgage for the rest at 7.5%, compounded monthly.
1. Calculate the monthly mortgage and total cost of 360 payments if you amortize over 30 years. (Remember to round to 2 decimal places for each answer)
2. Calculate the monthly mortgage and total cost of 180 payments if you amortize over 15 years. (Remember to round to 2 decimal places for each answer)
3. List at least one benefit and at least one downside to each loan, and then tell me which would you prefer?
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