What is difference in total interest paid in two mortgage

Reference no: EM13208244

a mortgage banking company has been evaluating the merits of a 50-year mortgage. The basic idea is to reduce the monthly payment and make home ownership more affordable. the APR of either mortgage is 6% and the compounding is monthly.

a.For a mortgage loan of $300,000, what is the difference in monthly payment for the 30 year mortgage and the 50 year mortgage

b. What is the difference in the total interest paid between the two mortgages?

Reference no: EM13208244

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