Module 4The problem you must solve is:For decades, home ownership has been part of the American Dream. The couple decided to choose a home close to their employment locations, and the couple found a home costing $261,000. The couple has also saved 5% of this value in anticipation that their home loan would require it as a down payment (as many do require between 5% and 20% down). At the mortgage company, they learned the following loan options were available to them:15-year fixed with an APR of 2.5% 30-year fixed with an APR of 4.125%

Assuming the couple paid the down payment of 5%, how much money did the mortgage company loan them

What would be the monthly payment for each loan choice presented to them?

How much will they pay over the life of each loan?

What percentage of the total for each would be interest?

Which option would you encourage the couple to choose?