For Problems 1-7: Mr. and Mrs. Hobbs moved and were delighted to find a house for sale that they loved where they would have to borrow $120,000. They need to decide between a 20-year or 30 year loan, both loans are at a 9.6% per year interest rate compounded monthly. 1. Find the monthly payments for the 20-year loan. Work Here: Answer Here: 2. Find the monthly payments for the 30-year loan. Work Here: Answer Here: I 3. Find the savings per month by going to the 30-year loan. Work Here (No images of written work): Answer Here (No images of written work): 4. Find the total amount paid over the life of the 20-year loan. Work Here (No images of written work): Answer Here (No images of written work): 5. Find the total amount paid over the life of the 30-year loan. Work Here (No images of written work): I I Answer Here (No images of written work): 6. Find the total savings by going to the 20-year loan. Work Here (No images of written work): Answer Here (No images of written work): 7. Which loan would you advise Mr. and Mrs. Hobbs to choose? Use the information gathered from the previous answers to justify your response