Business, 20.04.2021 01:30, DiamondSharp9860

Imagine that you would like to purchase a $275,000 home. Using 20% as down payment ($55,000), determine the monthly mortgage payment for your dream home. To calculate your
mortgage payments, go to practicalmoneyskills. com/costofloan. Remember that mortgage term
is the amount of time it will take to pay off the mortgage and the interest rate is the amount the
bank will charge for loaning you the money.
A. 15-year mortgage term with a 3% interest rate
Total amount paid over loan term:
Minimum monthly payment:
B. 20-year mortgage term with a 6 % interest rate
Total amount paid over loan term:
Minimum monthly payment:
C. 30-year mortgage term with a 5% interest rate
Total amount paid over loan term:
Minimum monthly payment:
Which mortgage would you choose (A, B, or C) and why?

Imagine that you would like to purchase a $275,000 home. Using 20% as down payment

($55,000), det

Answers: 1

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Imagine that you would like to purchase a $275,000 home. Using 20% as down payment ($55,000), dete...