John and Rita are house hunting. They have found a place that they intend to purchase, it requires a mortgage amount of $130,400. Their banker has presented them with two options: 20 year fixed rate mortgage 2.825% 15 year fixed rate mortgage 2.375% Help them weigh their options. Calculate their monthly payment, the total amount that would be paid over the lifetime of the loan, and the total that would be paid in interest. Match the correct answers to the appropriate loan. You should have 3 answers for each loan - monthly payment, total paid, total interest. As such, you will not use all of the available options.
