1. You are about to purchase a $350,000 house and have an option to finance it with a 30 year 5.75% annual interest rate mortgage or a 15 year 4.95% annual interest rate mortgage. How much would your monthly payments be in each case?

---2.How many months can you shave off of your mortgage by simply adding an extra $100 to each monthly payment you calculated in Question 1?

---3. Using the information from Question 1, how much total interest will you end up paying with the 30 year mortgage? With the 15 year mortgage?