Answer the following questions:

Your friend is negotiating with $2$ credit unions for a mortgage to buy a house selling for $$175,000.$ The terms at the teacher credit union are a $20\%$ down payment, an interest rate of $7\mathrm{.}5\%,$ a $15-$year mortgage, and $1$ point to be paid at the time of closing. The terms at a consumer credit union are a $15\%$ down payment, an interest rate of $8\mathrm{.}5\%,$ a $20-$year mortgage, and no points.

a$)$ Amount of down payment required for teacher credit union loan$\_q,\text{'}2$ points$)$

b$)$ Amount of down payment required for consumer credit union loar

$1$

$\text{'}2$ points$)$

c$)$ Cost of point$($s$)$ from teacher credit union loan $q,(3$ points$)$

d$)$ Cost of point$($s$)$ from consumer credit union loa $(3$ points$)$

e$)$ TOTAL of all mortgage payments from teacher credit union loan. $q,(7$ points$)$

f$)$ TOTAL of all mortgage payments from consumer credit union loar $q,7$ points$)$

g$)$ Which loan should your friend select for the total cost of the down payment, points and total mortgage payments of the house to be the least: Teacher Credit Union Loan OR Consumer C$-$ndit IInion Loan? $($points$)$

h$)$ Are you surprised with the answer "nars: Explain the reasons why the credit union you listed in part $g$ is the correct answer for the LEAST amount for the loan? $($minimum of $3$ reasons should be listed.$).(4$ points$)$

Choose whether you agree or disagree with the following statement:

A mortgage is a good debt.

Present an argument to support your decision stated above. $($You must list $3$ reasons to support your decision of agreement or disagreement.$)(2$ points per reason$)$

$3.$ List $3$ advantages and $3$ disadvantages for RENTING a house. $(6$ points$)$

$4.$ List $3$ advantages and $3$ disadvantages for OWNING a house. $(6$ points$)$