Enza D.

asked • 01/31/21

Suppose you want to buy a $157,000 home. You found a bank that offers a 30-year loan at 4.5% APR.

1.What will be your monthly payment? (Round to the nearest cent.)


2.How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.)


3.Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.


4.How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.)


5.How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.)

1 Expert Answer

By:

Hannah H. answered • 02/03/21

Tutor
4.8 (31)

Current Senior Business Student

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.

OR

Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.