A fully amortizing mortgage loan is made for $116,000 at 6 percent interest for 30 years.

Required:

a. How much total interest would be paid over the entire 30-year life of the mortgage, if interest is paid:

1. Monthly.

2. Quarterly

3. Annually

4. Weekly

(For all requirements, round your intermediate calculations and final answers to 2 decimal places.)

b. Which payment pattern would have the greatest total amount of interest over the 30-year term of the loan?