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

## Answer This Question

## Related Questions

- Math - bill and laura borrowed $15 000 at 6 per annum compounded monthly for 30 ...
- Finance - Loans problem please help - A company borrows $170000, which will be ...
- 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 ...
- College Algebra and Finance - Please help! Just need the answer... A lender ...
- Please Help me with a Finance - Loan problem - A company borrows $170000, which ...
- Math - How do I calculate the monthly payment required to repay a $250,000 loan ...
- math - A lender gives you a choice between the following two 30-year mortgages ...
- Math - 4. Vanna has just financed the purchase of a home for $200 000. She ...
- Finance - You are considering borrowing $150,000 to purchase a new home. a. ...

More Related Questions