Question: 9. What is the difference on the total interest payments between a 25 year 5.85% fixed rate fully amortizing loan for $320,000 and an identical

9. What is the difference on the total interest payments between a 25 year 5.85% fixed rate fully amortizing loan for $320,000 and an identical loan taken out for 15 years? a) $128,350.84 b) $87,484.41 c) $169,388.62 d) $96,736.37 10. A 15 -year mortgage loan for $320,000 has a fixed teaser of 2.75% for 3 years. It then reverts to an adjustable-rate mortgage for the remainder of the term. What is the outstanding principal when the reset occurs in three years' time? a) $320,000 b) $266,091.34 c) $244,635.37 d) $256.960.23

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