Question: Question 1 (10 pointS) Jake and Amy are having a baby and decided that it is time to buy a house. They borrowed $350,000 from

Question 1 (10 pointS) Jake and Amy are having a baby and decided that it is time to buy a house. They borrowed $350,000 from the bank to add to their savings of $75,000 to cover the costs of purchasing their dream home. The bank offered them two repayment options. They could repay the mortgage over 15 years at a rate of 2.5%/a with payments every 3 months, or repay over 20 years at a rate of 1.5% with monthly payments. Which option should they take to minimize the amount of interest they will have to pay. SHOW FULL SOLUTIONS ON SEPARATE SHEET OF PAPER

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