Assume a selling price of $95,000, a down payment of $20,000, and a mortgage at 10% for 30 years. If the loan was for 25 years, what would be the difference in the total interest cost of the loan?

Name: Assume a selling price of $95,000, a down payment of $20,000, and a mortgage at 10% for 30 years. If the loan was for 25 years, what would be the difference in the total interest cost of the loan?
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Quizplus · Accepted Answer

25 years: 75 × 9.09 = 681.75; 681.75 × 25 × 12 = 204,525; 204,525 - 75,000 = 129,525;

Assume a Selling Price of $95,000, a Down Payment of $20,000