In this unit, we used a mortgage calculator on Zillow.com Links to an external site. to determine the monthly payment on a home with the information that was provided (price of home, down payment amount, interest rate, and amount of time). Feel free to use that calculator linked below to answer the question(s). Which of the following BEST describes the relationship between the number of years for a home loan / mortgage and the monthly payment amount?
◯ A 30-year mortgage results in a higher monthly payment
◯ Regardless of what you choose, the payment amount is the same
◯ A 30-year mortgage results in a lower monthly payment
◯ A 15-year mortgage results in a lower monthly payment