What is the difference on the total interest payments between a 25 year 5.65% fixed rate fully amortizing loan for $485,000 and an identical loan taken out for 15 years? a) $ 186,296.09 b) $101,275.87 c) $ 137,571.96 d) $96, 736.37
What is the difference on the total interest payments between a 25 year 5.65% fixed rate fully amortizing loan for $485,000 and an identical loan taken out for 15 years? a) $ 186,296.09 b) $101,275.87 c) $ 137,571.96 d) $96, 736.37
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 41P
Related questions
Question
![What is the difference on the total
interest payments between a 25 year
5.65% fixed rate fully amortizing loan
for $485,000 and an identical loan
taken out for 15 years? a) $
186,296.09 b) $101,275.87 c) $
137,571.96 d) $96, 736.37](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa573ed37-7091-460c-a06c-469f33044093%2F3be9f2ef-0dcf-41ab-aef0-8e81ca3b5c08%2Fr8088waj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:What is the difference on the total
interest payments between a 25 year
5.65% fixed rate fully amortizing loan
for $485,000 and an identical loan
taken out for 15 years? a) $
186,296.09 b) $101,275.87 c) $
137,571.96 d) $96, 736.37
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