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Mortgage with fixed monthly payments

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Reference no: EM13951983

You have just made an offer on a new home and are seeking a mortgage. You need to borrow $600,000.

a. The bank offers a 30-year mortgage with fixed monthly payments and an interest rate of 0.5% per month. What is the amount of your monthly payment if you take this loan?

b. Alternatively, you can get a 15-year mortgage with fixed monthly payments and an interest rate of 0.4% per month. How much would your monthly payments be if you take this loan instead?

Reference no: EM13951983

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