The price of a home is 170 000 The bank requires a 15 down

Last updated: 10/11/2023

The price of a home is 170 000 The bank requires a 15 down payment The buyer is offered two mortgage options 15 year fixed at 7 5 or 30 year fixed at 7 5 Calculate the amount of interest paid for each option How much does the buyer save in interest with the 15 year option Use the following formula to determine the regular payment amount PMT P LC nt Find the monthly payment for the 15 year option Round to the nearest dollar as needed MIN