Question: 8 11 12 12 # 2 1 I w Increasing the down payment on a mortgage reduces both the size of the monthly payments and

8 11 12 12 # 2 1 I w Increasing the down payment on a mortgage reduces both the size of the monthly payments and the total interest paid. Calculate the reduction in the monthly payment by increasing the down payment by the amount specified, and the amount saved on interest over the life of the loan. Assume the mortgage is for 20 years and use the table to find the monthly payments. Monthly payments on a $1,000 loan Annual Interest Rate 3 Number of Years for the Loss $29.55 $27.58 $10.12 $606 $4.77 29.97 23013 1061 640 5.37 3142 21.49 11.30 7.36 6.00 24.41 1233 8.36 7.34 % NO 31.34 10% 15 32.27 25.36 13.22 965 K 129 3321 36.33 14.35 11.01 0.29 12 53 Am ofon Down State Parown Down P $1000 T KN 200 $83.60, $20,064.00 $71.60 $17.184.00

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