Respuesta :
The solution to the problem is as follows:
In here, we'll just do some simple arithmetic to solve for the required value.
Given: 30yr = $116,000; 15yrs = $52,000
Asked: how much less are you paying in interest with the 15 year mortgage? (30yr - 15yrs)
Solution and answer:
Difference = 30yrs - 15 yrs = $116,000 - $52,000 = $64,000
Therefore, you will pay $64,000 less in the interest in a 15 year mortgage than a 30 year mortgage.
In here, we'll just do some simple arithmetic to solve for the required value.
Given: 30yr = $116,000; 15yrs = $52,000
Asked: how much less are you paying in interest with the 15 year mortgage? (30yr - 15yrs)
Solution and answer:
Difference = 30yrs - 15 yrs = $116,000 - $52,000 = $64,000
Therefore, you will pay $64,000 less in the interest in a 15 year mortgage than a 30 year mortgage.
Answer:
$64000
Step-by-step explanation:
For 30 year mortgage of $100,000 at 6%,
Payment of interest = $1,16000
For 15 year mortgage of $100,000 at 6% ,
Payment of interest = $52,000
Difference between the 30 year mortgage and 15 year mortgage
= (1,16000-52000)
= $64000
Hence, the amount paid less in 15 year mortgage = $64000
