A loan officer states that "Thousands of dollars can be saved by switching to a 15-year mortgage fr
dr.two
Question
A loan officer states that "Thousands of dollars can be saved by
switching to a 15-year mortgage from a 30-year mortgage." Calculate
the difference in payments on a 30-year mortgage at 9% interest
versus a 15-year mortgage with 8.5% interest. Both mortgages are
for $100,000 and have monthly payments. What is the difference in
total dollars that will be paid to the lender under each
loan?
Please show work.
Please show work.
Details
Purchase An Answer Below