A loan officer states, "Thousands of dollars can be saved by switching to a 15-year mortgage from a 30-year mortgage." Calculate the difference in payments on a 30-year mortgage at an interest of 0.75% a month versus a 15-year mortgage with an interest rate of 0.7% a month. Both mortgage are for $100,000 and have monthly payments.

1) What is the monthly payment committed by the 30-year mortgage? And the total payment?

2) What is the monthly payment committed by the 15-year mortgage? And the total payment?

3) What is the difference in total dollars that will be paid to the lender under each loan?