TheMortgageReports com reported the median price of a home sold in the United States hit a record high in 2020 at just above 320

Question

TheMortgageReports com reported the median price of a home sold in the United States hit a record high in 2020 at just above 320 000 Juan Carlos Soto Jr wants to purchase a new home for 306 500 Juan puts 20 down and will finance the remainder of the purchase Compare the following two mortgage options he has 15 years at 4 5 or 20 years at 5 5 Use Table 15 1 Note Round your intermediate calculations and final answers to the nearest cent a Calculate Juan s monthly payment for both the 15 and 20 year mortgage Answer is not complete Monthly payment for 15 year mortgage Monthly payment for 20 year mortgage b Calculate Juan s total cost of interest for both the 15 and 20 year mortgage Answer is not complete Total cost of interest for 15 year mortgage Total cost of interest for 20 year mortgage 92 436 800 c What is the difference in interest paid between 15 and 20 year mortgage

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