(Answered) Question suppose you want to borrow money to buy a house

Accounting

Question: Suppose you want to borrow money to buy a house. You are considering a 15-year or a 30-year loan. The lender offers different interest rates, reflecting the differences in risks of shorter-term and longer-term lending. For the 15-year loan, the annual rate is 6.25% (compounded monthly, with 180 equal monthly payments). For the 30-year loan, the annual rate is 6.75% (compounded monthly, with 360 monthly payments). If you borrow $150,000, what would your monthly payments be for each loan?

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