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April 19, 2014

Homework Help: Math

Posted by Shannon on Sunday, March 27, 2011 at 5:59pm.

If you finance $50,000 of the purchase of your new home at 4.40% compounded monthly for 30 years, the monthly payment will be $250.38.
If instead your had a rate of 4.80% compounded monthly for 15 years, the monthly payment will be $390.21. How much do you pay in total for the $50,000 mortgage if you finance it for 30 years?
Total payment = ?

How much do you save (in total payments) if you finance for 15 years instead? ? dollars

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