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How do the payment amounts on the two loans compare

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Amortized loans

Plroblem 1: You are faced with a choice of mortgage terms to purchase a new home costing $300,000. You are able to put a $40,000 down payment on the home. The bank offers you a fixed-rate of 4.5% for a 30-year loan, and one at 4% for a 15-year loan. You have determined that you can afford up to, but not more than, a $1750 monthly mortgage payment. How do the payment amounts on the 2 loans compare? Can you afford the 15-year loan?

Reference no: EM132739393

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