Maria rent a small apartment but decided to purchase house.
Maria rent a small apartment but decided to purchase house. the selling
price is 400,000. They will make a 20% down payment. Considering two FINANCIAL OPTIONS:
1.) 3.0% Interest,30 year mortgage
2.)2.75% interest,15 year mortgage
(A) which option will result in a lower monthly payment if they take the full term of the mortgage? What will that monthly payment be?
(B) which option will result in the most total interest if they take full term of the mortgage?What will total interest be?