Question

Alex is comparing two mortgage opportunities for his potential $120,000 mortgage. Mortgage A: 15 years at 5% with monthly payments of $948.95 and a total payback amount of $170,811 Mortgage B: 20 years at 5.5% with monthly payments of $825.46 and a total payback amount of $198,110.40 Now let's find the interest paid on each loan and compare.
Total interest on mortgage A = $___

Total interest on mortgage B = $___

Mortgage ___ requires $ ___ more interest to be paid.

Answer 1

Answer:

A=50,811   B=78,110.40 B requires 27,299.40 more

Step-by-step explanation: