Question: I need help with question E. I have finished the rest already. Thank you. 4. A. What would be your monthly mortgage payment if you
I need help with question E. I have finished the rest already. Thank you.
4. A. What would be your monthly mortgage payment if you pay for a $250,000 home by making a 20% down payment and then take out a 3.74% thirty year fixed rate mortgage loan where interest is compounded monthly to cover the remaining balance. All work must be shown justifying the following answers. B. How much total interest would you have to pay over the entire life of the loan. C. Suppose you decided to pay for this house by taking out a fifteen year 3.04% fixed rate mortgage instead of the thirty year 3.74% fixed rate mortgage. What would be your required monthly mortgage payment for this 15 year mortgage assuming you still make the same 20% down payment. D. How much interest would you have saved by taking out the fifteen year fixed rate mortgage instead of the thirty year fixed rate mortgage. E. Taking the above data into account, write a short paragraph comparing what you feel are the pros and cons of each type of mortgage
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