It is likely that you won't like the prospect of paying more money each month, but if you do take out a 15-year mortgage, you will make far fewer payments and will pay a lot less in interest. How much more total interest will you pay over the life of the loan if you take out a 30-year mortgage instead of a 15-year mortgage? a. $891, 042.05b. $821, 429.39c. $696, 126.60d. $960, 654.71

Explanation:

The formula to calculate the monthly payment for a loan at a constant interest rate  is:

Where:

Then, further to the data provided, you need to knwo the loan amount and the interest rate per period.

I will compute the numbers assuming hypothetical numbers.

Assume L = 450,000 and r = 12%.

A) 15-year mortgage

That is the montly payment. Multiply by 180 to obtain the total amount paid and subtract the loan amount to obtain the total amount of interest paid over the life of the mortgage:

B) 30-year mortgage

Substituting in the same formula:

Total payment: 360 × $4,628.76 = $1,666,353.60

Interests = $1,666,353.60 - $450,000 = $1,216,353.60

C) Difference

The difference is:

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