The price of a small cabin is $55,000. The bank requires a 5% down payment. The buyer is offered two mortgage options:20-year fixed at 7.5 % or 30-year fixed at 7.5%. Calculate the amount of amount of interest paid for each option. How much does the buyer save in interest with the 20-year option. Find the monthly payment for the 20-year option. Find the monthly payment for the 30-year option. Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the 20-year option ? * show work *
The price of a small cabin is $55,000. The bank requires a 5% down payment. The buyer is offered two mortgage options:20-year fixed at 7.5 % or 30-year fixed at 7.5%. Calculate the amount of amount of interest paid for each option. How much does the buyer save in interest with the 20-year option. Find the monthly payment for the 20-year option. Find the monthly payment for the 30-year option. Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the 20-year option ? * show work *
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