Calculate the difference in payments on a 30-year mortgage


A loan officer states, "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 $300,000 and have monthly payments. What is the difference in total dollars that will be paid to the lender under each loan

Request for Solution File

Ask an Expert for Answer!!
Finance Basics: Calculate the difference in payments on a 30-year mortgage
Reference No:- TGS01007670

Expected delivery within 24 Hours