The price of a home is $180,000. The bank requires a 15% down payment. The buyer is offered two mortgage options: 15-year fixed at 10% or 30-year fixed at 10%. Calculate the amount of interest paid for pach opotion. How much does the buyer save in interest with the 15-year option? Use the following formula to determine the regular payment amount. PMT = Find the monthly payment for the 15-year option. (Round to the nearest dollar as needed.) Find the monthly payment for the 30-year option. (Round to the nearest dollar as needed.)

The price of a small cabin is ​$65,000. The bank requires a​ 5% down payment. The buyer is offered two mortgage​ options: 20-year fixed at 8.5​%or​ 30-year fixed at8.5​%. 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.

A borrower is making a choice between a mortgage with monthly payments or biweekly payments. The loan will be $200,000 at 6 percent interest for 20 years. a. How would you analyze these alternatives? b. What if the biweekly loan was available for 5.75 percent? How would your answer change? c. If you take the monthly payment and agree to pay ½ of it every two weeks, when would your loan reach maturity?.    Please correct and with steps.

Phil Pittman is interested in a fixed-rate mortgage for $200,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 4.5% for the 15-year mortgage and 5% for the 30-year mortgage. (Round your answers to the nearest dollar. Use this table, if necessary.) (a) What are the monthly principal and interest payments (in $) for each loan? 15-year mortgage $ 1530 30-year mortgage $ 1074 (b) What is the total amount of interest (in $) paid on each loan? 15-year mortgage $ _______ ?? 30-year mortgage $ _______???  (c) Overall, how much more interest (in $) is paid by choosing the 30-year mortgage? $

Phil Pittman is interested in a fixed-rate mortgage for $200,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 4.5% for the 15-year mortgage and 5% for the 30-year mortgage. (Round your answers to the nearest dollar. Use this table, if necessary.)   (a) What are the monthly principal and interest payments (in $) for each loan? 15-year mortgage$ =  30-year mortgage$ =      (b) What is the total amount of interest (in $) paid on each loan? 15-year mortgage$ = 30-year mortgage$ =     (c) Overall, how much more interest (in $) is paid by choosing the 30-year mortgage? $

Phil Pittman is interested in a fixed-rate mortgage for $400,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 4.5% for the 15-year mortgage and 5% for the 30-year mortgage. (Round your answers to the nearest dollar. Use this table, if necessary.) (a) What are the monthly principal and interest payments (in $) for each loan? 15-year mortgage$ 30-year mortgage$  (b) What is the total amount of interest (in $) paid on each loan? 15-year mortgage$ 30-year mortgage$  (c) Overall, how much more interest (in $) is paid by choosing the 30-year mortgage? $      Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments(Necessary to amortize a loan of $1,000) InterestRate (%) 5Years 10Years 15Years 20Years 25Years 30Years 35Years 40Years 3.50 18.19 9.89 7.15 5.80 5.01 4.49 4.13 3.87 3.75 18.30 10.01 7.27 5.93 5.14 4.63 4.28 4.03 4.00 18.42 10.12 7.40 6.06 5.28 4.77 4.43 4.18 4.25 18.53…

Phil Pittman is interested in a fixed-rate mortgage for $400,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 4.5% for the 15-year mortgage and 5% for the 30-year mortgage. (Round your answers to the nearest dollar. Use this table, if necessary.) (a) What are the monthly principal and interest payments (in $) for each loan? 15-year mortgage$ 30-year mortgage$  (b) What is the total amount of interest (in $) paid on each loan? 15-year mortgage$ 30-year mortgage$  (c) Overall, how much more interest (in $) is paid by choosing the 30-year mortgage? $

You purchase a home costing $480,000 with a 20% down payment. After shopping around for a mortgage, you select a lender who offers you two options for 30-year mortgages with monthly payments: Option I: A rate of 2.75% (APR) and an upfront fee (due immediately) of $3,840 Option II: A rate of 2.65% (APR) and an upfront fee (due immediately) of $9,600. a. Compute the monthly loan payment for each option. b. Compute the outstanding loan balance after 10 years for each option. c. If you prefer a lower true interest rate, which one should you choose? d. If you anticipate staying in the house for 10 years, which option should you choose?

Suppose you want to purchase a home for $475,000 with a 30-year mortgage at 4.34% interest. Suppose also that you can put down 25%. What are the monthly payments? (Round your answer to the nearest cent.)

A new roof will cost $12000 . It will be invested in 19 years . If the interest rate is 7% per year . How much must be saved each year  to accumulate $12000 after 19 years