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?