The price of a small cabin is $55,000. The bank requires a 5% down payment. The buyer is offered two mortgage options: 20-year fixed at 7.5% or 30-year fixed at 7.5%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 20-year option? Find the monthly payment for the 20-year option.
2 answers
See previous post: Fri, 9-25-15, 11:35 AM.
The price of a small cabin is $45 comma 00045,000. The bank requires a 5% down payment. The buyer is offered two mortgage options: 20-year fixed at 6.56.5% or 30-year fixed at 6.56.5%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 20-year option?
1 answer