Question: 11) You are purchasing a home with a loan amount of $315,000. You receive an interest rate of 3.5%. a) Calculate the monthly principal and

11) You are purchasing a home with a loan amount of $315,000. You receive an interest rate of 3.5%.

a) Calculate the monthly principal and interest (P&I) payment on a 30-year loan.

b)Assuming all things the same, what is the monthly (P&I) payment if you decide to instead do a 15 year loan?

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