Mark and Martha are interested in purchasing a new home in Connecticut. answer the questions from using the mortgage calculators provided at Bankrate.com

If they were to borrow $340,000, what would their monthly mortgage payment be? What if they changed the term to repay the loan to 15 years instead of 30 years? What difference would that make in their monthly payment? What are some reasons why borrowers pick 15 rather than 30 years and vice versa? interest rate 15% http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx