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Your business finance teacher asks you to compare a 15-year fixed rate at 5.75 percent to a 30-year fixed rate at 6.25 percent on a house priced to sell quickly for $185,400. If the prospective buyer has set a monthly house payment in her budget to pay no more than $1,300 a month, which mortgage should she take out after computing the monthly payment under each plan?

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Your business finance teacher asks you to compare a 15-year fixed rate at 5.75 percent to a 30-year fixed rate at 6.25 percent on a house priced to sell quickly for $185,400. If the prospective buyer has set a monthly house payment in her budget to pay no more than $1,300 a month, which mortgage should she take out after computing the monthly payment under each plan?






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