The Mendez family is considering a mortgage loan of $351,000 at an annual interest rate of 6.85%.

(a) How much greater is their mortgage payment if the term is 20 years rather than 30 years?

$

(b) How much less is the amount of interest paid over the life of the 20-year loan than over the life of the 30-year loan?

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"