You are considering purchasing a house in Collin County that costs $350,000. You are debating whether to finance the house for 15 or 30 years. The 15-year mortgage allows you to pay off the house quicker

You are considering purchasing a house in Collin County that costs $350,000. You are debating whether to finance the house for 15 or 30 years. The 15-year mortgage allows you to pay off the house quicker at an interest rate of 2%. However, the 30-year mortgage offers a lower mortgage payment at an interest rate of 2.75%. Which of the following answers is closest to the difference between the 15 and 30-year monthly mortgage payment?

a. 800
b. 600
c. 400
d. 1200
e. 1000

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You are considering purchasing a house in Collin County that costs $350,000. You are debating whether to finance the house for 15 or 30 years. The 15-year mortgage allows you to…

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