2. Assume you borrowed $200,000 for a home, at 6.5% interest for 30 years, to be paid back in monthly installments over the next 30 years?

a) How much would your monthly payment be?

b) How much interest would you pay over the 30 years in total?

c) If you pay back the loan in equal installments over the next 15 years instead of 30 years how much would your monthly payment be? d) If you pay back the loan in equal installments over the next 15 years instead of 30 years how much interest you pay over the 15 years?