Franklin is buying his first house. He is putting a $ 20,000 down payment on the house, but has to take out a mortgage for the remaining $ 170,000 of the purchase price. Franklin's bank has offered him a standard 30-year mortgage with a 5.4% nominal interest rate. What would Franklin's monthly mortgage payment be? $ 954.60 $ 1,008.33 $ 986.68 $ 912.60 $ 997.48 Franklin is considering a 15-year mortgage because friends have told him that a 30-year mortgage is too long and he'll lose a lot of money to interest. If Franklin can get a 15-year, $ 170,000 loan at a nominal interest rate of 5.4%, how much larger must his monthly payment be? $ 420.47 $ 431.75 $ 423.80 $ 418.77 $ 425.43 Naturally, Franklin doesn't like the prospect of paying more money each month, but if he does take a 15-year mortgage, he will make far fewer payments and will pay a lot less in interest. How much more interest would Franklin pay if he took out a 30-year mortgage instead of a 15-year mortgage? $ 95, 250.14 $ 101, 918.11 $ 86, 551.98 $ 97, 459.33 $ 99, 682.05