## anonymous one year ago Maria is debating between two different mortgages for \$155,000. She found a 20-year fixed rate loan at 7.35% and 15-year fixed rate loan at the same rate. How much more interest will she pay for the 20-year loan versus the 15-year loan?

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1. ganeshie8

do you have EMI/monethly payment formula ?

2. anonymous

No, ive looked up three different formula's and none of them with the right answer. Im honestly lost at this point.

3. ganeshie8

its okay, use below formula : $\Large\text{monthly payment} = \dfrac{P*i(1+i)^n}{(1+i)^n-1}$ where $$P$$ = loan amount = $$155,000$$ $$i$$ = monthly interest rate = $$\dfrac{0.0735}{12}$$ $$n$$ = number of months = $$20*12$$ or $$15*12$$

4. ganeshie8

find the monthly payment for each type of loan