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What are the monthly principal and interest payments

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Phil Pittman is interested in a fixed-rate mortgage for $400,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 8% for the 15-year mortgage and 8.5% for the 30-year mortgage. (Round your answers to the nearest dollar. Use this table, if necessary.)

Problem (a) What are the monthly principal and interest payments (in $) for each loan?

Problem (b) What is the total amount of interest (in $) paid on each loan?

Problem (c) Overall, how much more interest (in $) is paid by choosing the 30-year mortgage?

Reference no: EM132843855

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