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15. When purchasing a $310,000 house, a borrower is comparing two loan alternatives. The first loan is a 90% loan at 10.5% for 25 years. The second loan is an 85% loan for 9.75% over 15 years. Both have monthly payments. What is the incremental cost of borrowing the extra money if the first loan is paid off in 15 years at the same time as the second loan? 16. A borrower made a mortgage loan 7 years ago for $160,000 at 10.25% interest for 30 years and is considering refinancing. The loan balance is now $151,806.62 and rates for this amount are currently 9.0% for 23 years. Origination fees and closing costs are $4,500 and these costs are not financed by the lender. What is the effective cost of the new loan? 17. Mr. Jones' obtained a mortgage 5 years ago for $85,000 at 8.25% interest and a 15 -year term. Rates have now risen to 10% for an equivalent loan. Mr. Jones' lender is willing to discount the loan by $2,000 if he will prepay the loan. What rate of return would Mr. Jones receive by prepaying the loan