Sagot :
Mortgage A has higher total payments than Mortgage B.
Total payments = Monthly payment × Number of months per year × Number of years
Mortgage A:
Total payments = $970 × 12 × 30
= $349,200
Mortgage B:
Tota payments = ($760 × 12 × 5)
+ ($1,005 × 12 × 25)
= $45,600 + $301,500
= $347,100
Mortgage A has higher total payments than Mortgage B.
A mortgage is an agreement between you and a lender that gives the lender the right to take your private home in case you fail to pay off the money you've got borrowed plus interest. mortgage loans are used to buy a home or to borrow money towards the value of a domestic you already personal.
A mortgage is a loan you get from a lender to finance a domestic purchase. while you take out a mortgage, you promise to repay the cash you've borrowed at an agreed-upon hobby charge. the home is used as collateral.
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