The price of a home is $140,000. The bank requires a 15% down payment. The buyer is offered two mortgage options: 15-year fixed at 9.5% or 30-year fixed at 9.5%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 15-year option? Use the following formula to determine the regular payment amount. PA PMT= n -nt] Find the monthly payment for the 15-year option. $1243.00 (Round to the nearest dollar as needed.) Find the monthly payment for the 30-year option. $ 1001 (Round to the nearest dollar as needed.) Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the 15-year option? (Use the answers from parts 1 and 2 to find this answer.) ÷ More

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