Question

1) If you borrow $120,000 at an APR of 7% for 25 years, you will pay $848.13 per month. If you
borrow the same amount at the same APR for 30 years, you will pay $798.36 per month.
a. What is the total interest paid on the 25-year mortgage?

Answer 1

Step-by-step explanation:

If you borrow $120,000 at an APR of 7% for 25 years, you will pay $848.13 per month. If you

borrow the same amount at the same APR for 30 years, you will pay $798.36 per month.

a. What is the total interest paid on the 25-year mortgage? $134,439.