Solution-Mortgage for the balance, You have contracted to

Mortgage for the balance

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Reference no: EM132555153

You have contracted to buy a house for $521,250 paying $104,250 as a down payment and taking a fully amortized 30-year mortgage for the balance at a 4.50% annual interest rate?

-The bank has offered you a 15-year mortgage, at an interest rate of 4.05%. If you accept this offer, what will your monthly installment be over the next 15 years? (round to the nearest dollar)

-How much interest would you save by choosing the 15-year mortgage?

Reference no: EM132555153

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Mortgage for the balance

Reference no: EM132555153

Reference no: EM132555153

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