Your boss, who never took an engineering economy course, is buying a new house and needs your help in answering some questions. The loan amount will be in the jumbo loan category of $600,000 at (1) 9% per year compounded monthly over 30 years, or (2) 8.625% compounded monthly over 15 years. There are no loan initiation fees, points paid, or other charges. Prepayment, if desired, can be done without penalty.