For a particular home, the mortgage amount needed to purchase the home is $135,000. there are 2 options for a ? xed-interest-rate loan. one option is a 15-year loan and the other option is for a 30-year loan. use a mortgage calculator to ? nd the monthly payment. then determine the total amount paid out over the term of the loan and the amount of interest paid during the term of the loan.
1) find the following for a 15-year loan of $135,000 with an interest rate of 2.75%.
a. what is the monthly payment?
b. what is the total amount paid for the 15-year term of the loan?
c. what is the interest that has been paid during the 15-year term of the loan?
2) find the following for a 30-year loan of $135,000 with an interest rate of 3.5%.
a. what is the monthly payment?
b. what is the total amount paid for the 30-year term of the loan?
c. what is the interest that has been paid during the 30-year term of the loan?
home ownership has other expenses, including property taxes, homeowners insurance, and utilities. the annual property tax can be estimated as 1% of the amount borrowed and the annual homeowners insurance can be estimated as 2% of the amount borrowed.
3) for the mortgage of $135,000, ? nd the following.
a. what is the monthly amount of property tax?
b. what is the monthly amount of homeowner’s insurance?
4) if the monthly utilities can be estimated to be $200, ? nd the total monthly payment including the mortgage, property tax, homeowner’s insurance, and utilities for the
a. 15-year term loan,
b. 30-year term loan.