Lloyd and Jean are considering purchasing a home requiring a $ 75,000 mortgage. The payment on a 30- year mortgage for this amount is $ 498.97. The payment for a 15- year maturity is $ 674.12. What is the difference in the total interest paid between the two different maturities?
Answer to relevant QuestionsThis month you made a mortgage payment of $ 700, of which $ 600 was an interest payment and $ 100 a payment of the loan principal. You are in the 25% marginal tax bracket. What is the tax savings as a result of this payment? Use a Web site or a financial calculator to determine the monthly mortgage payment (excluding property taxes and insurance) on a $ 90,000 mortgage if the Sampsons obtain a new 30- year mort-gage at the 8% interest rate. Prepare a written or oral report on your findings and recommendations to Brad. What is a personal property floater? What is the difference between scheduled and unscheduled floaters? What is the responsibility of the insurance company that sells you a policy? What is the relationship between insurance company claims and premiums paid by policyholders?
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