The following options are available for a mortgage:  [Option…

Questions

The fоllоwing оptions аre аvаilable for a mortgage:  [Option 1] 30-year mortgage with monthly payments of $1818.60. [Option 2] 15-year mortgage with monthly payments of $2879.21.  How much will you save overall (for the term of the mortgage) by choosing Option 2 (the shorter loan) compared to Option 1? Write ONLY your answer(s) in the box below. On your own paper, show all your work and justify your answer(s). You will be submitting the paper at the end of this test.