On a piece of paper or on a device with a touch screen, hand write the solution to the following problem:

You would like to buy a house for $$850,000.$ You put $$180,000$ down, and then get a mortgage for

the rest at $7\mathrm{.}5\%,$ compounded monthly.

Calculate the monthly mortgage and total cost of $360$ payments if you amortize over $30$

years. $($Remember to round to $2$ decimal places for each answer$)$

Calculate the monthly mortgage and total cost of $180$ payments if you amortize over $15$

years. $($Remember to round to $2$ decimal places for each answer$)$

List at least one benefit and at least one downside to each loan, and then tell me which

would you prefer?

Please include all steps, including clearly$-$labeled answers to parts $1,2$ and $3,$