Question

Miranda is buying a house and will need to borrow $150,000 after she makes her down payment. She can choose a 25 year mortgage or a 30 year mortgage at an interest rate of 3% compounded annually. How much more will the 30 year mortgage cost than the 25 year mortgage?

Answer 1

Answer:

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Answer 2

Answer:

$22,500

Step-by-step explanation:

3% * 30 * $150000 = $135,000

3% * 25 * $150000 = $112,500

$135,000 - $112,500 = $22,500