Compute the difference in monthly payments

Reference no: EM1361303

The Loan Officer says thousands of dollars can be saved by switching from a 15-year mortgage to a 30-year mortgage.

A) Calculate the difference in monthly payments on a $100,000 mortgage, 30-years at 97% interest rate and a $100,000 mortgage, 15-years at 8.5% interest rate.

B) What is the difference in total dollars that will be paid under each mortgage for the entire life of the montage?

Reference no: EM1361303

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