You and your spouse have found your dream home. The selling price is $220,000; you will put $50,000 down and obtain a 30-year fixed-rate mortgage at 7.5%

Your banker suggests that, rather than obtaining a 30-year mortgage and paying it off early, you should simply obtain a 15-year loan for the same amount. The rate on this loan is 6.75%. By how much will your monthly payment increase/decrease for the 15-year loan than the regular payment on the 30-year loan?

a. decrease; $211.57

b. decrease; $154.72

c. increase; $ 89.26

d. increase; $494.59

e. increase; $315.69