Instructions: Congratulations! You have just signed a contract to purchase your first home. Your purchase price is $300,000 and you plan to put 20% down. Calculate your monthly principal and interest

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Instructions:

Congratulations! You have just signed a contract to purchase your first home. Your purchase price is $300,000 and you plan to put 20% down. Calculate your monthly principal and interest payments for the life of the loan for

• a 15-year mortgage at 2.875%

• a 30-year mortgage at 3.25%.

Compare and contrast these two options.

• What are the Pros and Cons of each?

Requirements:

• Add the specifics for the type of media, length, and format.

• Submit a Word document or Excel spreadsheet.

• At least 1 page in length.

Be sure to read the criteria below by which your work will be evaluated before you write and again after you write

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