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You have just made an offer on a new home and are seeking a mortgage You need to borrow $600000 The bank offers a 30year mortgage with fixed monthly payments and an interest rate of

  1. You have just made an offer on a new home and are seeking a mortgage. You need to borrow

$600,000.

    1. The bank offers a 30-year mortgage with fixed monthly payments and an interest rate of 0.5% per month. What is the amount of your monthly payment if you take this loan?

    2. Alternatively, you can get a 15-year mortgage with fixed monthly payments and an interest rate of 0.4% per month. How much would your monthly payments be if you take this loan instead?

 

 

 

May 21 2020 View more View Less

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