Stephen is comparing two mortgage options for his $ 80 , 000 mortgage.
mortgage a: 15 years at 4.5 % with monthly payments of $ 611.99 and a total payback of $110,158.20
mortgage b: 30 years at 4 % with monthly payments of $ 381.93 and a total payback of $ 137,494.80 . which option requires more interest to be paid over the life of the mortgage? how much more?
