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Determining the total for loan option

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Aisling and Andrew qualify for a 30-year mortgage with a 3.95% APR or a 15-year mortgage with a 2.85% APR. They found a contractor that can install and equip a full amenity 1600 sq ft. bunker in their backyard for $315,000. Aisling and Andrew believe they can afford a monthly payment of $1,800 toward the purchase of this bunker. The down payment is 42,718.57

-Assuming Aisling and Andrew will make payments for the entire life of the loan, how much would they pay in total for each loan option (including the down payment)?

Reference no: EM132509897

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