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Determine the difference in the amount of interest

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Question: FINANCING A HOME After making a down payment of $25,000, the Meyers need to secure a loan of $280,000 to purchase a certain house. Their bank's current rate for 25-yr home loans is 11%/year compounded monthly. The owner has offered to finance the loan at 9.8%/year compounded monthly. Assuming that both loans would be amortized over a 25-yr period by 300 equal monthly installments, determine the difference in the amount of interest the Meyers would pay by choosing the seller's financing rather than their bank's.

Reference no: EM131556735

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