Question: answer the following question and explain your steps 30-year loan. Loan Amount: 175,000.00 Monthly Payment: 726.06 Interest rate: 2.875% Loan Term: 360 months Annual Payment:

answer the following question and explain your steps

Payment: 8,712.72 Total Payment: 261,381.60 Total Interest: 86,381.60 Loan Amount: 175,000.00 Monthly

30-year loan. Loan Amount: 175,000.00 Monthly Payment: 726.06 Interest rate: 2.875% Loan Term: 360 months Annual Payment: 8,712.72 Total Payment: 261,381.60 Total Interest: 86,381.60 Loan Amount: 175,000.00 Monthly Payment: 1,146.40 Interest rate: 2.25% Loan Term: 180 months Annual Payment: 13,756.80 Total Payment: 206,352.00 Total Interest: 31,352.00 *If you take the 15 year loan, instead of the 30year loan, assume the home value has not changed. How much additional equity have you built after 12 payments? Explain.*

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