You plan to buy a house in Hickory for $200,000. The Hickory People's Bank has a 30 year mortgage rate of 6% with 10% down payment. The Suntruster Bank has a 9% mortgage rate on 30 year loans, no down payment.
If you chose not to buy a house and you put $1000 per month into the bank at 6% annual interest rate for 30 years, how much would you have at the end of the 30 years?
- $2,004,500
- $2,000,000
- $1,900,200
- $1,004,500