Calculator Problem – 10/21/2013

What is the difference between the payments of a $150,000 loan amortized over 15 years at 4.00% and amortized over 30 years at 4.50%?

(The answer will be posted with the new calculator problem in 2 weeks. Or if you can’t wait that long, you can go to https://www.facebook.com/garyjohnstonseminars for the answer.)

Answer for 10/7/2013 problem:

N=120,PV= -340,000,PMT=0,FV=1,000,000)  I=10.84%