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Sagot :
Difference in interest paid = $82,740.52
Total interest paid for 25 year loan interest - Total interest paid for 20 year loan interest
According to the given information
A.
Monthly payment for 20 year mortgage [tex]& $=$ PMT $\left(6.5 \% / 12,20^* 12,-312500^* 0.8\right)$ & $=$ PMT $($ rate, nper, $-$ pv $)$ \[/tex]\
Monthly payment for 25 year mortgage [tex]& $=$ PMT $\left(7 \% / 12,25^* 12,-312500^* 0.8\right)$ & $=$ PMT(rate,nper,-pv) \\[/tex]
B
Total cost of interest for 20 year mortgage [tex]& $=(\mathrm{B} 2 * 20 * 12)-(312500 * 0.8)$ \\[/tex]
Total cost of interest for 25 year mortgage [tex]$=(\mathrm{B} 3 * 25 * 12)-(312500 * 0.8)$ &[/tex]
C.
Difference in interest paid [tex]& $=\mathrm{B} 7-\mathrm{B} 6$ &[/tex] = Total interest for 25 year loan-total interest for 20 years
A.
Monthly payment for 20 year mortgage [tex]& $\$ 1,863.93$ & $=$ PMT(rate,nper,-pv) \\[/tex]
Monthly payment for 25 year mortgage [tex]& $\$ 1,766.95$ & $=$ PMT(rate,nper,-pv) \\[/tex]
B.
Total cost of interest for 20 year mortgage = [tex]& $\$ 197,343.88$ & $=$[/tex] total monthly payments-loan taken
Total cost of interest for 25 year mortgage = [tex]& $\$ 280,084.40$ & $[/tex] = total monthly payments-loan taken
C.
Difference in interest paid = $82,740.52
Total interest paid for 25 year loan interest - Total interest paid for 20 year loan interest
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