The difference between the monthly payments on a $95,000.00 mortgage at 5% versus 6% for 25 years is:
a. $65.05
b. $56.05
c. $56.50
d. $56.60
Again, the exact difference is slightly out. The exact amount is:$56.73.
1- The monthly payment @ 6%=$612.09
2- The monthly payment @ 5%=$555.36
Therefore the difference between the two interest rates is:
$612.09 - $555.36=$56.73
