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Find the total amount of interest for each loan

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Reference no: EM132815525

Assume you need a $180,000 mortgage loan but are unsure whether to get a 7.5% 15 year loan or a 7.75% 30-year loan.

Problem 1: Calculate the monthly payment for each.

Problem 2: How much more per month will you pay with the 15-year loan?

Problem 3: Find the total amount of interest for each loan.

Problem 4: How much more interest will you pay with the 30 year loan?

Reference no: EM132815525

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