Consider the following scenario:

Monica and Brian are ready to purchase their first house and have found their dream home, which is

valued at $300,000. After extensive research, they have concluded that their credit union is the best

lender for a mortgage to purchase the home. Their credit union offers them a 15-year fixed-rate

mortgage of 4.4% with a 20% down payment.

The task is as follows:

1. Calculate the down payment, monthly payments, and total interest paid over 15 years for the

credit union loan.

2. Construct another mortgage option and discuss the advantages and disadvantages of your

mortgage option in comparison to the one offered by the credit union.