ppose you have the option of choosing a 15-year mortgage with a fixed rate of 2.749% ora 30-year mortgage with a fixed rate of 3.195%. Briefly describe the pros and cons of each.(Note that you may perform some calculations, but it is not necessary to do so.)

Phil Pittman is interested in a fixed-rate mortgage for $200,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 4.5% for the 15-year mortgage and 5% for the 30-year mortgage. (Round your answers to the nearest dollar. Use this table, if necessary.) (a) What are the monthly principal and interest payments (in $) for each loan? 15-year mortgage $ 1530 30-year mortgage $ 1074 (b) What is the total amount of interest (in $) paid on each loan? 15-year mortgage $ _______ ?? 30-year mortgage $ _______???  (c) Overall, how much more interest (in $) is paid by choosing the 30-year mortgage? $

Phil Pittman is interested in a fixed-rate mortgage for $200,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 4.5% for the 15-year mortgage and 5% for the 30-year mortgage. (Round your answers to the nearest dollar. Use this table, if necessary.)   (a) What are the monthly principal and interest payments (in $) for each loan? 15-year mortgage$ =  30-year mortgage$ =      (b) What is the total amount of interest (in $) paid on each loan? 15-year mortgage$ = 30-year mortgage$ =     (c) Overall, how much more interest (in $) is paid by choosing the 30-year mortgage? $

Phil Pittman is interested in a fixed-rate mortgage for $400,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 4.5% for the 15-year mortgage and 5% for the 30-year mortgage. (Round your answers to the nearest dollar. Use this table, if necessary.) (a) What are the monthly principal and interest payments (in $) for each loan? 15-year mortgage$ 30-year mortgage$  (b) What is the total amount of interest (in $) paid on each loan? 15-year mortgage$ 30-year mortgage$  (c) Overall, how much more interest (in $) is paid by choosing the 30-year mortgage? $      Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments(Necessary to amortize a loan of $1,000) InterestRate (%) 5Years 10Years 15Years 20Years 25Years 30Years 35Years 40Years 3.50 18.19 9.89 7.15 5.80 5.01 4.49 4.13 3.87 3.75 18.30 10.01 7.27 5.93 5.14 4.63 4.28 4.03 4.00 18.42 10.12 7.40 6.06 5.28 4.77 4.43 4.18 4.25 18.53…