Math 123, Mortgages, how much will snoop have to finance?

timer Asked: Nov 14th, 2015

Question description

Suppose Calvin Cordozar Broadus, Jr. (aka Snoop Doggy Dogg) is considering moving his family to Manhattan.  His real estate agent has managed to locate a penthouse apartment that overlooks Central Park for $2.4 million. 1. He will have $2.1 million from the sale of his current home as a down payment.  Snoop would like to finance the remainder of the cost and his banker has presented two options:  a 30-year fixed-rate mortgage at 8% or a 20-year fixed-rate mortgage at 7.5%. How much is saved in interest by choosing the more economical mortgage?

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