You decide to buy a new home and your bid is accepted. After making a down payment and paying closing costs, the remainder must be covered by a...

You decide to buy a new home and your bid is accepted. After making a down payment and paying closing costs, the remainder must be covered by a mortgage of $480,000. Determine which of the following mortgage terms is better and explain why. You must show mathematical support/evidence to back up your conclusion.

a) Mortgage 1: A 30-year fixed mortgage at 4.375% compounded monthly

b) Mortgage 2: A 15-year fixed mortgage at 8.75% compounded monthly

c) Conclusion