Maria and John have been married for 2 years and just learned that they are pregnant. They have been renting a small apartment but decide to purchase a house. The one they have found has a selling price of $300,000. They will make a 20% down payment. They are considering 2 financing options at their credit union: Option 1: 3.125% interest 30-year mortgage: Option 2: 2.5% interest 15-year mortgage:
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Maria and John have been married for 2 years and just learned that they are pregnant. They have been renting a small apartment but decide to purchase a house. The one they have found has a selling price of $300,000. They will make a 20% down payment.
They are considering 2 financing options at their credit union:
Option 1: 3.125% interest 30-year mortgage:
Option 2: 2.5% interest 15-year mortgage:
Answer the following questions showing all your work to reach each answer.
A. Which option will result in a lower monthly payment if they take the full term of the mortgage? What will that monthly payment be?
B. Which option will result in the most total interest if they take the full term of the mortgage? What will that total interest be?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
