Calculate the savings in interest by using fifteen-year loan, Cost Accounting

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Calculate the savings in interest by using fifteen-year loan

Problem

A restaurant manager has the option of a 30-year loan of $418,000 at an annual interest rate of 3.75% or the same interest rate but on a loan for 15 years.

i. Calculate the monthly payment for each loan.

ii. Calculate the savings in interest by using the 15-year loan.

iii. The term of the 15-year loan is one-half the term of the 30-year loan. Is the monthly payment for the 15-year loan twice that of the 30-year loan?

iv. Is the interest savings for the 15-year loan more or less than one-half of the interest paid on the 30-year loan?

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Cost Accounting: Calculate the savings in interest by using fifteen-year loan

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Cost Accounting: Calculate the savings in interest by using fifteen-year loan

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