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Calculate the amount of interest paid

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You have been shopping for a new home. You have a choice of financing. You can choose either a $ 200,000 mortgage at 4.75 percent for 30 years, or a $ 200,000 mortgage at 3.5 percent for 15 years.

A.) Calculate the monthly payment for both the 30- year and 15- year mortgages.

B.) Calculate the amount of interest paid over the life of the loan for both mortgages.

C.) Choose the best mortgage for you and explain your answer.

Reference no: EM132402987

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