1. Jane is going to purchase a home that is $180,000, she makes the standard down payment (20%), then she is going to obtain a mortgage for the rest. How much will Jane have paid total for the house if she does a 30-year mortgage (360 months)? Interest rate for both is 4%(.04) How much will she have paid total for the house if she does a 15-year mortgage? 

 

1. Jane and her spouse have a monthly net income of $5328.61 and they have a 15 year-old daughter (who plays softball). They have other miscellaneous debt totaling $6700, which results in payments of $202 a month. Do you recommend Jane play (do) a 15 year mortgage, 30 year mortgage, or is there another option you would recommend? Interest rate for both mortgages is 4% (.04) 

Answer rating: 100% (QA)

To calculate the total amount Jane will have paid for the house we need to consider both the down payment and the monthly mortgage payments For a 30ye... View the full answer