You are going to purchase a home and need to borrow $125,000 from a bank. You can either take out a 15-year loan at 6.5% or a 30-year loan at 6.5%. What would your monthly payments be in each of these scenarios? How much interest would you pay if you take out the 30-year loan over the life of the loan? How much interest would you pay if you take out the 15-year loan over the life of the loan?
Please find the...
(Show what you need for each of your calculator keys when computing your answer and INDICATE your answer by circling or underlining your answer for EACH scenario)
N (number of periods)
I/Y (interest per period)
PV ( the present value (if we input a present value it must go in as a negative number)
PMT ( the equal payment required or give to us over time)
FV (the future value)
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You are going to purchase a home and need to borrow $125,000 from a bank. You can either take out a...
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