the value of the house is $1,050,000.

2.) Use interest rate of: 3.5% compounded monthly for a 30 year loan and 2.5% compounded monthly for a 15 year loan. 3.) Determine how much the monthly principal and interest payment (loan payment) on your house would be if you financed it: a. for 30 years b. for 15 years c. for 30 years with 15% down d. for 15 years with 15% down 4.) How much would you pay for the home over the length of the loan under each scenario? How much of this is interest? 5.) A mortgage payment is made up of principal and interest payments from your loan (loan payment) as well as taxes and insurance payments. If the amount for taxes and insurance is 4% of the value of your home per year, how much would your mortgage payment be under each of the four scenarios? 6.) Which option do you feel is best? Why