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Rudik [331]
3 years ago
14

A family wants to purchase a house that costs $185,000 . They plan to take out a $135,000 mortgage on the house and put $50,000

as a down payment. The bank informs them that with a 15-year mortgage their monthly payment would be $925.14 and with a 30-year mortgage their monthly payment would be $615.65 . Determine the amount they would save on the cost of the house if they selected the 15-year mortgage rather than the 30-year mortgage. Savings = $
Mathematics
2 answers:
kolezko [41]3 years ago
7 0

Answer:

$55,108.80

Step-by-step explanation:

15 year mortgage

925.14/month times 180 months =

$166,525.20

30 year mortgage

615.65/month times 360 months =

$221,634

$221,634 - $166,525.20 =

$55,108.80

So the difference between the 15 year mortgage and the 30 year mortgage is $55,108.80

Semmy [17]3 years ago
6 0

Answer:

4,592.4

Step-by-step explanation:

925.14×15 = 13,877.1

615.65x30=<u>18</u><u>,</u><u>469</u><u>.</u><u>5</u><u> </u>

<u> </u><u> </u><u>18</u><u>,</u><u>469.5</u>

<u>-</u><u> </u><u>13</u><u>,</u><u>877</u><u>.</u><u>1</u>

<u>=</u><u> </u><u>4</u><u>,</u><u>592</u><u>.</u><u>4</u>

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