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Suppose you have the option of choosing a 15-year mortgage with a fixed rate of 2.749% or a 30-year mortgage with a fixed rate of

Suppose you have the option of choosing a 15-year mortgage with a fixed rate of 2.749% or a 30-year mortgage with a fixed rate of 3.195%. Briefly describe the pros and cons of each. (Note that you may perform some calculations, but it is not necessary to do so.)

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