Question

Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 4.24% interest....

Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 4.24% interest. Suppose also that you can put down 25%. What are the monthly payments? (Round your answer to the nearest cent.)

What is the total amount paid for principal and interest? (Round your answer to the nearest cent.)

What is the amount saved if this home is financed for 15 years instead of for 30 years? (Round your answer to the nearest cent.)

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