Mathematics, 27.11.2020 21:20 mcguirefam7071p2mbzz
A family wants to purchase a house that costs $145,000. They plan to take out a $115,000 mortgage on the house and put $30,000 as a down payment. The bank informs them that with a 15-year mortgage their monthly payment would be $785.99 and with a 30-year mortgage their monthly payment would be $521.41. Determine the amount they would save on the cost of the house if they selected the 15-year mortgage rather than the 30-year mortgage. How much would they save if they selected the 15-year mortgage?
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