Emma is borrowing $300,000 to purchase a house and is trying to decide between at 15- and a 30-year mortgage. If the rate on the 15-year mortgage is 4.9% and the rate on the 30-year mortgage is 6.1 %, what would her payments be on each?

____________ 15-year payment

____________ 30-year payment

How much more does she spend (in total) to purchase the $300,000 house if she chooses the 30- vs the 15-year mortgage? Assume she will own the house until the end of the loan?

_____________ Total difference in amount paid over the life of the loans

How much will Emma still owe the bank after making payments for 5 years?

_____________ Balance after 5 years on the 30-year mortgage

_____________ Balance after 5 years on the 15-year mortgage