Brian is curious what he would have to pay if his credit rating was lower, so he looks at those interest rates. If his credit was lower, the interest rate for the 15 year loan would have been 3% and the interest rate for the 30 year loan would have been 4%. Brian decides to look further at the 15 year loan option.

Question 4a) Using the information from questions 1a and 1b, what is the monthly payment for the 15 year loan at 3%? $ Question 4b) How much money total will Brian pay the lender over the term of the loan? $ Question 4c) And how much of that was interest? To do this, take your answer from 4b minus your answer from 1a.