A company purchases a small office building as its new headquarters. The building cost $750,000. To purchase the building, the company issues a 15-year installment note with 5% interest. The company is considering two options:
a. Pay $0 down and make monthly payments of $5,930.95 over 15 years.
b. Pay $150,000 down and make payments of $4,744.76 over 15 years. For each option, determine (1) the total cash paid for the building over 15 years, including the down payment, and (2) total interest paid over 15 years.