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You need a loan of $150,000. Compare your monthly payments and total loan cost under two options. Assume that the closing costs are the same in both cases. Option 1: a 30 year l…

You need a loan of $150,000. Compare your monthly payments and total loan cost under two options. Assume that the closing costs are the same in both cases. Option 1: a 30 year l…
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You need a loan of $150,000. Compare your monthly payments and total loan cost under two options. Assume that the closing costs are the same in both cases.

Option 1: a 30 year loan at an APR of 8%
Option 2: a 15 year loan at an APR of 7%

User GuillaumeS
by
8.8k points

1 Answer

3 votes

Answer:

$1100.65 at 8%

$1348.24 at 7%

Explanation:

User Ines Tlili
by
7.7k points
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