2. United Bank offers a 15-year mortgage at an APR of 6.2%. Capitol Bank offers a 25-year mortgage at
an APR of 6.5%. Marcy wants to borrow $120,000.
a. What would the monthly payment be from United Bank?
P(7)(¹+1)
7694-08
M=
121
(¹ + √2)
M=
12/
-1
p=
r = .062
t = 15
b. What would be the total interest be from United Bank?
c. What would the monthly payment be from Capitol Bank?
12.
(A)(¹+²
(1+1) ™-1
127
121
p=
r=.065
t = 25
d. What would the total interest be from Capitol Bank?
ow much?