Wednesday

April 23, 2014

April 23, 2014

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

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

- Math -
**Henry**, Tuesday, March 29, 2011 at 12:28pm$50000 @ 4.40% for 30 yrs.

Pt = $250.38/mo * 360mo = $90136.80

$50000 @ 4.80% for 15yrs.

Pt = $390.21/mo * 180mo = $70237.80.

Save: $90136.80 - 70237.80 = $19,899.

**Related Questions**

Math - bill and laura borrowed $15 000 at 6 per annum compounded monthly for 30 ...

finance - 3. You decide to borrow $200,000 to build a new house. The bank ...

finance - 3. You decide to borrow $200,000 to build a new house. The bank ...

Math - 4. Find the monthly payment for the loan. (Round your answer to the ...

Finance - Suppose that you want to purchase a home for $450,000 with a 30 year ...

Math - 4. Vanna has just financed the purchase of a home for $200 000. She ...

College Algebra and Finance - Please help! Just need the answer... A lender ...

math - Suppose that you want to purchase a home for $450,000 with a 30 year ...

math - A lender gives you a choice between the following two 30-year mortgages ...

algebra - 50,000 is the amount of a loan needed to purchase a restaurant ...