Ask Question
21 January, 17:23

Lloyd and Jean are considering purchasing a home requiring a $75,000 mortgage. The payment on a 30-year mortgage for this amount is $498.97. The payment for a 15-year maturity is $674.12. What is the difference in the total interest paid between the two different maturities

+3
Answers (1)
  1. 21 January, 17:50
    0
    amount of mortgage = $75,000

    monthly installment for the 30 years = $498.97.

    difference = total payment - the amount of mortgage = (30 * 12 * $498.97) - $75,000 = $ 104629.2

    for the second,

    (15 * 12 * $674.12) - $ 75 000 = $ 46341.6

    the difference in the total interest paid between the two different maturities = $ 104629.2 - $ 46341.6 = $ 58287.6
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Lloyd and Jean are considering purchasing a home requiring a $75,000 mortgage. The payment on a 30-year mortgage for this amount is ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers