(All Steps) Assume current mortgage rates (per year) are 6.00 \% for a fixed, 30 year mortgage and 5.50 \% for a fixed, 15 year mortgage. You want to borrow
Question: Assume current mortgage rates (per year) are \(6.00 \%\) for a fixed, 30 year mortgage and \(5.50 \%\) for a fixed, 15 year mortgage. You want to borrow $150,000 to buy a house, and are trying to decide whether to get a 15 year or 30 year mortgage.
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What is the monthly principal and interest payment for the 30 -year mortgage? (Hint:
divide the annual interest rate by 12 to get the monthly interest rate.) Also, how much in actual dollars will you pay over the life of the loan? - What is the monthly principal and interest payment for the 15 -year mortgage? How much in actual dollars will you pay over the life of the loan?
- How much extra per month do you have to pay for the 15 -year mortgage?
Deliverable: Word Document 
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