Question

Mercedes is debating between two different mortgages for $142,000. She found a 20-year fixed rate loan at 7.45% and 15-year fixed rate loan at the same rate. How much more interest will she pay for the 20-year loan versus the 15-year loan? (3 points) $37,284.60 $41,941.28 $43,278.19 $49,580.97

Answer 1

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37,285 Option 1 is 1,139.60 X 240 = 273,504 total payments; Option 2 is ,1,312.33 X 180 = 236,219. Since the principal payment is the same under both options, the difference is interest.