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. a. What would the monthly payment be from United Bank? b. What would the total interest be from United Bank? Round to the nearest ten dollars. c. What would the monthly payment be from Capitol Bank?
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. a. What would the monthly payment be from United Bank? b. What would the total interest be from United Bank? Round to the nearest ten dollars. c. What would the monthly payment be from Capitol Bank?
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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Transcribed Image Text:AGE MINDTAP
gage Application Practice
Note: Please make sure to properly format your answers. All dollar figures in the answers need to include the dollar sign and any amount over 1,000 should include
($2,354.67). All percentage values in the answers need to include a percentage sign (%). For all items without specific rounding instructions, round your answers to th
places, show both decimal places (5.06).
·
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.
a. What would the monthly payment be from United Bank?
I
b. What would the total interest be from United Bank? Round to the nearest ten dollars.
X
c. What would the monthly payment be from Capitol Bank?
d. What would the total interest be from Capitol Bank? Round to the nearest ten dollars.
e. Which bank has the lower total interest, and by how much?
x
United Bank ♥
f. What is the difference in the monthly payments?
K
g. How many years of payments do you avoid if you decide to take out the shorter mortgage?
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