Exit Card The total interest paid over the lifetime of a mortgage is a large amount of money (maybe even hundreds of thousands of dollars). Therefore, it is important to consider ways of reducing the interest costs of a mortgage. Use the TVM solver to complete the investigation below. Option 1: Changing the amortization period Most homeowners choose an amortization period of 25 years, but other options are available. Complete the table below for a mortgage of $450,000 at 3% per year compounded. For the interest saved, compare to the 30 year amortization. Amortization ii of payments (N) Monthly payment Total interest paid Interest saved (PMT) a) How does the PMT change as the amortization period increases? b) How does the total interest paid change as the amortization period increases? Why might a homeowner choose a shorter amortization? Why might a homeowner choose a longer amortization