Calculate the total interest paid on 40 year loan w 15% down payment.

Calculate the total interest paid on 20 year loan w 14% down payment.

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Question 2 of 4 (1 point) Apply: Compare mortgages 1 You decide to buy a $310,000 home. If you make a 15% down payment, you can get a 40-year mortgage at 4%, but if you make a 14% down payment, you can get 20-year mortgage at 7.5%. Which is the befter option? Round final answers to two decimal places. Do not round intermediate calculations. Formula for Computing Monthly Payments on a Mortgage P(A) 1-(1+4)* R= R = regular monthly payment P= amount financed, or principal r=rate written as a decimal n = number of payments per year t = number of years The total interest that would be paid on the 40-year loan with a 15% down payment is The total interest that would be paid on the 20-year loan with a 14% down payment is The better option would be the (select) down payment. Question 2 of 4 (1 point) Apply: Compare mortgages 1 You decide to buy a $310,000 home. If you make a 15% down payment, you can get a 40-year mortgage at 4%, but if you make a 14% down payment, you can get 20-year mortgage at 7.5%. Which is the befter option? Round final answers to two decimal places. Do not round intermediate calculations. Formula for Computing Monthly Payments on a Mortgage P(A) 1-(1+4)* R= R = regular monthly payment P= amount financed, or principal r=rate written as a decimal n = number of payments per year t = number of years The total interest that would be paid on the 40-year loan with a 15% down payment is The total interest that would be paid on the 20-year loan with a 14% down payment is The better option would be the (select) down payment.