For Questions #12 and #13, use the following inputs for a fixed-rate mortgage. Interest rate = 7.55% Maturity = 30 years No pre-pay Loan amount = $230,000 #12.) What is the monthly payment amount?

For Questions #12 and #13, use the following inputs for a fixed-rate mortgage. Interest rate = 7.55% Maturity = 15 years No pre-pay Loan amount = $230,000 #13.) How much interest is saved over the life of the mortgage by switching from a 30 year fixed rate to a 15 year fixed rate?