Question: Problem 7 - 8 ( LG 7 - 3 ) You plan to purchase a ( $ 3 1 0 , 0 0
Problem LG You plan to purchase a $ house using either a year mortgage obtained from your local savings bank with a rate of percent, or a year mortgage with a rate of percent. You will make a down payment of percent of the purchase price. a Calculate the amount of interest and, separately, principal paid on each mortgage. What is the difference in interest paid? b Calculate your monthly payments on the two mortgages. What is the difference in the monthly payment on the two mortgages? For all requirements, do not round intermediate calculations. Round your answers to decimal places. eg
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