2. 1. Amortization: The price of a home is $250,000. $50,000 is your down payment while you borrow the other $200,000. Assume a 5% annual rate com- pounded monthly. Find the difference in total interest paid for 30 year and 15 year amortization sched- ules. Seven years after starting the 30 year loan, you decide to re-finance the remaining balance of the loan at 4.2% for 15 years. In addition, you pay an extra $100 on your monthly payment. What is the total amount you pay for the house after the loans are paid?