You anticipate the cost to build your house to be $260,000, and you want to take a

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Question:

You anticipate the cost to build your house to be $260,000, and you want to take a loan for that purpose. You must make a down payment of 20%, then you can get a loan for the remaining amount. After looking into loans, you find that you can either get a 15-year loan at 5% interest (option 1), or a 30-year loan at 6% interest (option 2). In both options, monthly payments will be required