Assignment $315$ versus $30$ year mortgage

$50$ Points Due: June $16,2024,11$:$59$PM

$\backslash$table$[[$The purchase of a home and the associated mortgage loan is one,,,$],[$of the largest financial decisions that most people make in life.$],[\backslash$table$[[$The standard mortgage loan is a fixed rate for $30$ years with other options$]]],[\backslash$table$[[$available such as a $15$ year fixed rate mortgage, variable$]]],[$rate mortgages. To show the financial differences between a$],[30$ and $15$ year fixed rate mortgage, search for a mortgage calculator$],[$and use the following information and answer the questions.$],[$Select the monthly "Amortization schedule" for monthly amounts.$],[$Submit through D$2$L Assignments.$],[$Purchase price,$$400,000,,,,,,],[$Down payment$-20\%,$$$80,000,,,,,,],[$Mortgage loan,$$320,000,,,,,,],[$Loan term$/$rate$-$first calculation: $30$ years $/7\%],[$Loan term$/$rate$-$second calculation: $15$ years $/6\%],[,,,,,,,],[,,30$ year mortgage$-7\%,15$ year mortgage$-6\%],[$Answers$,,$Principal,Interest,Total,Principal,Interest,Total$],[$Monthly payment amount$-$first payment.$],[$Monthly payment amount$-$last payment.$],[$Total interest expense for life of loan$],[$Interst expense savin,difference,,,,,,$]]$