Using the mortgage calculator  Determine the following:   Jane is...

Question

# Using the mortgage calculator  Determine the following:   Jane is...

Using the mortgage calculator  Determine the following:

1. Jane is going to purchase a home that is \$180,000, she makes the standard down payment (20%), then she is going to obtain a mortgage for the rest. How much will Jane have paid total for the house if she does a 30-year mortgage (360 months)? Interest rate for both is 4%(.04) How much will she have paid total for the house if she does a 15-year mortgage? Worth 5 points

1. Jane and her spouse have a monthly net income of \$5328.61 and they have a 15 year-old daughter (who plays softball). They have other miscellaneous debt totaling \$6700, which results in payments of \$202 a month. Do you recommend Jane play (do) a 15 year mortgage, 30 year mortgage, or is there another option you would recommend? Interest rate for both mortgages is 4% (.04) Worth 10 points

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