Question

Mortgage lenders base the mortgage interest rate they offer you on your credit rating. This makes it financially critical to maintain a credit score of 700 or higher. How much more interest would you pay on a $195,000 home if you put 20% down and financed the remaining with a 30-year mortgage at 6% interest compared to a 30-year mortgage at 3 1/2 interest? Use 360 days a year.Do not round intermediate calculations. Round your answer to the nearest dollar amount.)

Answer 1

195,000 * 0.8 = 156,000

I = PRT
I = 156,000 * 0.06 * 30
I = ?

I = 156,000 * 0.035 * 30
I = ?

Answer 2

280800

Answer 3

I'm not sure