What is the total of the financed payments

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The Real Cost of Purchasing a HomeKey Facts:

You want to purchase a house that costs $150,000. You have $30,000 available to put down on the home. Because you have good credit score you have been offered a loan of 15 years at 3% or 30 years at 3.75%.

Problem 1: What is your monthly principal and interest payment for the 15 year loan?

Problem 2: What is your monthly principal and interest payment for the 30 year loan?

Problem 3: What is the total of the financed payments (the amount you actually pay for the house) with the 15 year loan?

Problem 4: What is the total of the financed payments (the amount you actually pay for the house) with the 30 year loan?

Reference no: EM132935241

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