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You would like to buy a house for $850,000.  You put $180,000 down, and then get a mortgage for the rest at 7.5%, compounded monthly.  1.   Calculate the monthly mortgage and total cost of 360 payments if you amortize over 30 years.  (Remember to round to 2 decimal places for each answer) 2.  Calculate the monthly mortgage and total cost of 180 payments if you amortize over 15 years.  (Remember to round to 2 decimal places for each answer) 3. List at least one benefit and at least one downside to each loan, and then tell me which would you prefer?

You would like to buy a house for $850,000.  You put $180,000 down, and then get a mortgage for the rest at 7.5%, compounded monthly.  1.   Calculate the monthly mortgage and total cost of 360 payments if you amortize over 30 years.  (Remember to round to 2 decimal places for each answer) 2.  Calculate the monthly mortgage and total cost of 180 payments if you amortize over 15 years.  (Remember to round to 2 decimal places for each answer) 3. List at least one benefit and at least one downside to each loan, and then tell me which would you prefer?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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You would like to buy a house for $850,000.  You put $180,000 down, and then get a mortgage for the rest at 7.5%, compounded monthly. 

1.   Calculate the monthly mortgage and total cost of 360 payments if you amortize over 30 years.  (Remember to round to 2 decimal places for each answer)

2.  Calculate the monthly mortgage and total cost of 180 payments if you amortize over 15 years.  (Remember to round to 2 decimal places for each answer)

3. List at least one benefit and at least one downside to each loan, and then tell me which would you prefer?

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