10. The Yang family plans to buy a new house soon and is considering mortgage options. They are considering two options, a 15-year mortgage with an APR of 2.75% or a 30-year mortgage with an APR of 3.14%. Both options compound interest monthly. Currently the Yang family spends (e) $___1,529_______ each month in rent and plan to spend the same amount on a mortgage payment. They do not currently have a down payment and will finance the full price of the home. Round answers to whole numbers.

a. If the Yang family chooses the 15-year mortgage, how much will they be able to borrow?

b. If the Yang family chooses the 30-year mortgage, how much will they be able to borrow?

c. Which option will allow the Yang family to borrow the most? By how much? Respond in a complete sentence.