Harriet Marcus is concerned about the financing of a home. She saw a small cottage that sells for $64,000. Assuming that she puts 20% down, what will be her monthly payment and the total cost of interest over the cost of the loan for each assumption? (Use the Table 15.1)

Note: Do not round intermediate calculations. Round your answers to the nearest cent.

	Monthly Payments	Total Cost of Interest
a. 25 years, 6.50%
b. 25 years, 7.00%
c. 25 years, 7.25%
d. 25 years, 7.50%

e. What is the savings in interest cost between 6.50% and 7.50%?

Note: Round your answer to the nearest dollar amount.

Interest Cost:

f Harriet uses 30 years instead of 25 for both 6.50% and 7.50%, what is the difference in interest?

Note: Use 360 days a year. Round your answer to the nearest dollar amount.

Interest Difference: