You can afford a loan payment of $1200 a month. You have put an offer of $175,000 on a house. You are considering three different loans. Loan A. P = $175,000 at a rate of 5% with monthly payments for 30 years. Loan B. P = $175,000 at a rate of 4% with monthly payments for 15 years. Loan C. P = $175,000 at a rate of 4.5% with monthly payments for 20 years. Find the payment and total interest for each loan.
You can afford a loan payment of $1200 a month. You have put an offer of $175,000 on a house. You are considering three different loans.
Loan A. P = $175,000 at a rate of 5% with monthly payments for 30 years.
Loan B. P = $175,000 at a rate of 4% with monthly payments for 15 years.
Loan C. P = $175,000 at a rate of 4.5% with monthly payments for 20 years.
Find the payment and total interest for each loan.
Loan A: Payment = Total Interest =
Loan B: Payment = Total Interest =
Loan C: Payment = Total Interest =
Loan A. P = $175,000 at a rate of 5% with monthly payments for 30 years.
Loan B. P = $175,000 at a rate of 4% with monthly payments for 15 years.
Loan C. P = $175,000 at a rate of 4.5% with monthly payments for 20 years.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
