Cassie is hoping to purchase a 3 bedroom/ 3 bathroom house in her area. The house is
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Question:
Cassie is hoping to purchase a 3 bedroom/ 3 bathroom house in her area. The house is on the market for $349,900. Her bank has given her three options for a loan:
15-year mortgage at 4.13% APR, with a required 20% down payment
20-year mortgage at 4.75% APR, with a required 10% down payment
30-year mortgage at 4.99% APR, with a required 20% down payment.
Determine Cassie's best option by finding the monthly payment, the total paid during the mortgage and the total interest paid over the loan.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: