Question: 132 Quantitative Reasoning Module 10: Homework 3. Siobhan and her sister Aoife make frequent trips to Galway, Ireland, to visit their family. They are considering

 132 Quantitative Reasoning Module 10: Homework 3. Siobhan and her sister

132 Quantitative Reasoning Module 10: Homework 3. Siobhan and her sister Aoife make frequent trips to Galway, Ireland, to visit their family. They are considering purchasing a bungalow in Galway, which has an asking price of 96,000 ($126,350). They expect to borrow the entire price of the bungalow. They have loan options through two local banks: Bank A: APR of 5.4% for a 30-year loan Bank B: APR of 3.24% for a 15-year loan What will their monthly payment be if they choose to use Bank A? How much total will they pay for the bungalow if they choose to use Bank A? What will their monthly payment be if they choose to use Bank B? How much total will they pay for the bungalow if they choose to use Bank B? Which loan option would you recommend they choose? Explain why you would make that recommendation

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