Instructions: Congratulations! You have just signed a contract to purchase your first home. Your purchase price is $300,000 and you plan to put 20% down. Calculate your monthly principal and interest

Instructions:

 Congratulations! You have just signed a contract to purchase your first home. Your purchase price is $300,000 and you plan to put 20% down. Calculate your monthly principal and interest payments for the life of the loan for

 • a 15-year mortgage at 2.875% 

• a 30-year mortgage at 3.25%. 

Compare and contrast these two options.

 • What are the Pros and Cons of each?

 Requirements:

 • Add the specifics for the type of media, length, and format. 

• Submit a Word document or Excel spreadsheet. 

• At least 1 page in length.

 Be sure to read the criteria below by which your work will be evaluated before you write and again after you write