a and b

Increasing the down payment on a mortgage reduces both the size of the monthly payments and the total interest and Calculate the reduction is the money went by using the down payment by the amount specified, and (b) the amount saved on interest over the life of the loan Assume the mortgages for 10 years and use the cost o find the monthly payments Increase in Amount of Loan Interest Rate Down Payment Down payment 5237,000 8% 545.000 $26.000 Click the icon to view a table of monthly woments on a $1.000 om The monthly payment will be reduced by when the down payment is increased by 320,000 (Round to the nearest contended) Number of Years for the Loan Annual Interest Rate 3 4 10 20 30 49 $22.58 $29.53 29.97 5% 6% 23.03 23.49 $10.12 10.61 11.10 $6.06 6.60 7.16 30.42 $4.77 5.37 6.00 7.34 8.78 8% 31.34 8.36 12.13 13.22 32.27 24.41 25.36 26.33 10% 12% 9.65 11.01 33.21 14.35 10.29