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g You are buying a house for $200,000 and will be putting 20%. You are deciding between a 15 and 30 year mortgage. The bank is offering you 5.5% for a 15 year, and 6% for the 30 year. Calculate both monthly payment amounts.

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Answer:

Explanation:

Principle amount = $ 2,00,000

down payment = 20%

duration 15 years

interest = 5.5 %

monthly payment amount = $ 1590.67

Principle amount = $ 2,00,000

down payment = 20%

duration 30 years

interest = 6 %

monthly payment amount = $ 1242.61

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