Deandre is taking out a mortgage for $249,000 to buy a new house and is deciding between the offers from two lenders. He wants

Question

Deandre is taking out a mortgage for $249,000 to buy a new house and is deciding between the offers from two lenders.
He wants to know which one would be the better deal over the life of the mortgage loan, and by how much.
Answer each part. Do not round intermediate computations, and round your answers to the nearest cent.
If necessary, refer to the list of financial formulas.
(a) An online lending company has offered him a 15-year mortgage loan at an annual
interest rate of 4.5%. Find the monthly payment.
(b) A savings and loan association has offered him a 15-year mortgage loan at an annual
interest rate of 4.7%. Find the monthly payment.
(c) Suppose Deandre pays the monthly payment each month for the full term. Which
lender's mortgage loan would have the lowest total amount to pay off, and by how much?

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