Please do not copy existing chegg question (that one, I think, is wrong!). Thank you very much- I will upvote immediately. No need to answer "do the monroes qualify to refinance their mortgage?" Just answer the 15 year vs 30 year mortgage with the assumptions above.

$ 98,836 Long-term liabilities Home mortgage (9.25% for 30 years) Total long-term liabilities $ 98,836 Current mortgage rates are 7.5% for 15 years and 8.0% for 30 years. Closing costs would be 3% of the amount financed and would be paid at closing, Do the Monroes qualify to refinance their mortgage? If they refinance, how much will they save over the life of the mortgage for a 15-year or 30-year mortgage? Which mortgage should they select