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Mortgage or a 30-year mortgage

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You are purchasing a business building valued at $385,000. You can find a 30-year mortgage at 4.52%, or a 25-year mortgage at 4.2%, if you can put 16% down. You believe your business can support a $1,700 a month mortgage payment (not including taxes and insurance). Should you select a 25-year mortgage or a 30-year mortgage? Please explain your reasoning

Reference no: EM132012574

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Mortgage or a 30-year mortgage : You are purchasing a business building valued at $385,000. You can find a 30-year mortgage at 4.52%, or a 25-year mortgage at 4.2%
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