Phil Pittman is interested in a fixed-rate mortgage for $200,000. He is undecided whether to choose...

 

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Phil Pittman is interested in a fixed-rate mortgage for $200,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 4.5% for the 15-year mortgage and 5% for the 30-year mortgage. (Round your answers to the nearest dollar. Use this table, if necessary.) (a) What are the monthly principal and interest payments (in $) for each loan? 15-year mortgage $ 30-year mortgage (b) What is the total amount of interest (in $) paid on each loan? 15-year mortgage 30-year mortgage (c) Overall, how much more interest (in $) is paid by choosing the 30-year mortgage? $ Need Help? Read It Phil Pittman is interested in a fixed-rate mortgage for $200,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 4.5% for the 15-year mortgage and 5% for the 30-year mortgage. (Round your answers to the nearest dollar. Use this table, if necessary.) (a) What are the monthly principal and interest payments (in $) for each loan? 15-year mortgage $ 30-year mortgage (b) What is the total amount of interest (in $) paid on each loan? 15-year mortgage 30-year mortgage (c) Overall, how much more interest (in $) is paid by choosing the 30-year mortgage? $ Need Help? Read It

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ANS WER There are a few exceptions to the rule that a plaintiff should only recover the amount of da... View the full answer