Question: i tried to do this in matlab and its so confusing You are going to buy a home and want to compare the difference between
You are going to buy a home and want to compare the difference between the monthly payments and the total cost of a 15-year and 30-year fixed rate mortgage. You are borrowing a principal of $184,000 to add to your $46,000 down payment (Total cost of the house is $230,000). You have secured an interest rate of 2.6%. The monthly payment (M) is given by: PG) M = 1-(1 -12y = a) where P is the principal amount, r is the interest rate (in decimal form not percent form), and y is the number of years of the loan 1. Calculate the following for both a 15-year and a 30-year payment plan. o the monthly payment for the loan information given o The total payment (This is only based on your monthly payments over the course of your loan. Do not include the down payment) The cost of the loan (How much more money are you paying over the course of the loan than you borrowed initially?) o You will display the values of six variables total. Use format bank for your numerical displays. O
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