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October 21, 2014

October 21, 2014

Posted by **marie** on Wednesday, August 17, 2011 at 8:16am.

The price of a home is $160,000. the bank requires a 15% down payment. The buyer is offered two mortgage options: 1 year fixed at 8% or 30-year fixed at 8%. Calculate the amount of interest paid for each option. how much does the buyer save in interest with the 15-year option?

I tried the loan calculator it didn't work

- math -
**Reiny**, Wednesday, August 17, 2011 at 8:29amThis question does not make sense to me.

"Calculate the amount of interest paid for each option" -- over what period of time ?

"how much does the buyer save in interest with the 15-year option? " -- you don't describe the 15-year option.

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