Bill and Hillary each buy a house and take out a $100,000 loan. His house is in New York and her house is in Washington D. C. Bill takes out a conventional 30 year fixed rate mortgage, and Hillary opts for a conventional 15 year fixed rate mortgage. Which of the following correctly summarizes how Bill's mortgage is different from Hillary's (all other things being equal)- Bill's 30 year mortgage has a higher interest rate, lowermonthly payments and higher overall interest payments. It builds equity more slowly than Hillary's mortgage.- Hillary's 15 year mortgage has a higher interest rate, highermonthly payments and higher overall interest payments. It builds equity more slowly than Bill's mortgage.- Bill's 30 year mortgage has a lower interest rate, lowerpayments and lower overall interest payments. It buildsequity more quickly than Hillary's mortgage.- None of the answers are correctBill's 30 year mortgage has a higher interest rate, lower monthly payments and higher overall interest payments. It builds equity more slowly than Hillary's mortgage.