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What is the total amount of payments

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-After graduation you get a good job and you decide to purchase a condo priced at $200,000. You are putting down a $20,000 down payment. You are approved for a $180,000 loan, which is a 30 year mortgage with a fixed annual interest rate of 5.75%.

-At the end of 30 years, what is the total amount of payments, and what is the total interest you paid to the bank?

-Now let's assume a 15 year mortgage with the same terms. You are borrowing a $180,000 loan, which is a 15 year mortgage with a fixed annual interest rate of 5.75%

-At the end of 15 years, what is the total amount of payments, and what is the total interest you paid to the bank?

Reference no: EM132607452

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