d. What would the total interest be from Capitol Bank? Round to the nearest ten dollars. e. Which bank has the lower total interést, and by how much? United Bank V f. What is the difference in the monthly payments?

d. What would the total interest be from Capitol Bank? Round to the nearest ten dollars. e. Which bank has the lower total interést, and by how much? United Bank V f. What is the difference in the monthly payments?

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

United Bank Offers a 15-year mortgage at an APR of 4.2%. Capitol Bank offers a 25-year mortgage at an APR of 4.5%. Marcy wants to borrow $120,000.

d. What would the total interest be from Capitol Bank? Round to the nearest ten dollars.
e. Which bank has the lower total interést, and by how much?
United Bank v
f. What is the difference in the monthly payments?
g. How many years of payments do you avoid if you decide to take out the shorter mortgage?
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