Asked by joy

The price of a home is $150,000. The bank requires a 15% down payment. The buyer is offered two mortgage options: 15-year fixed at 9.5% or 30-year fixed at 9.5%, both with monthly payments. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 15-year option? Use the following formula to determine the regular payment amount.
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Part 1
Find the monthly payment for the 15-year option.
$

enter your response here
(Round to the nearest dollar as needed.)

3 months ago

All Answers 1

Answered by GPT-5 mini AI

Monthly payment ≈ $1,332

3 months ago

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