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5 July, 19:45

1) If you borrow $120,000 at an APR of 7% for 25 years, you will pay $848.13 per month. If you

borrow the same amount at the same APR for 30 years, you will pay $798.36 per month.

a. What is the total interest paid on the 25-year mortgage?

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  1. 5 July, 19:54
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    Step-by-step explanation:

    If you borrow $120,000 at an APR of 7% for 25 years, you will pay $848.13 per month. If you

    borrow the same amount at the same APR for 30 years, you will pay $798.36 per month.

    a. What is the total interest paid on the 25-year mortgage? $134,439.
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