Explain the effect of a smaller loan period, Finance Basics

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Explain the effect of a smaller loan period

Problem

You are considering borrowing $200,000 to purchase a new home.

i. Calculate the monthly payment needed to amortize an 7% fixed-rate 30-year mortgage loan.

ii. Calculate the monthly amortization payment if the loan in (i) was for 15 years instead.

iii. In a few sentences, explain the effect of a smaller loan period. How does it influence the monthly payment and interest?

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Finance Basics: Explain the effect of a smaller loan period

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Finance Basics: Explain the effect of a smaller loan period

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