Solved: Calculate the difference in payments, Finance Basics

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Calculate the difference in payments

Problem:

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 $100,000 and have a monthly payments. What is the difference in total dollars that will be paid to the lender under each loan?

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Finance Basics: Calculate the difference in payments

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Finance Basics: Calculate the difference in payments

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