If John wants to purchase a new home for $300,000 and finance $220,000 with either a 4.%, 30- year mortgage or a 3.5%, 15-year mortgage. a. What is the monthly payment on each of the above alternatives? b. How much interest would be paid in the first 12 payments for each of the above alternatives? c. What would the loan balance be after 10 years for each of the above alternatives?