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Lloyd and Jean are considering purchasing a home requiring a $75,000 mortgage. The payment on a 30-year mortgage for this amount is $498.97. The payment for a 15-year maturity is $674.12. What is the difference in the total interest paid between the two different maturities

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Answer:

Explanation:

amount of mortgage = $75,000

monthly installment for the 30 years = $498.97.

difference = total payment - the amount of mortgage = ( 30 × 12 ×$498.97) -  $75,000  = $ 104629.2

for the second,

( 15 × 12 × $674.12) - $ 75 000 = $ 46341.6

the difference in the total interest paid between the two different maturities = $ 104629.2  - $ 46341.6  = $ 58287.6

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