In this part of the lab you will examine the vilues associated with a 15 year mortgage. You will use the same purchase price, down payment, and ioan amount from Question 1. Start by confirming you have those correct values: Original purchase price (from Question 1) = s Down Payment = s Loan Amount = Typically, the annual interest rate on a 15 year loun is lower than on a 30 year loon. Assume that you have found a 15 year loan with an annual interest rate of 3.7% of. Express the annual interest rate as a decimal. The antmal interent rate expresed an a decimal is As you did for the 30 year mortgage in Question 1, compute the monthly payment for the 15 year loan. Again, use the loan formule to find the monthly payment d. The loan formula salved for d is: d=(1(1+i)N)P0(ii) Hint what value will you use for N this firne? Monthly Paytment =$ Assuming you moke the monthly payment each monch for 15 years, what will be the total amount repaid? Total payments = Find the total amount of interest paid over the 15 years. To do so, subiract the amount onginaby borrowed from the total payments. Total intercet paid =5 Compare the total intered paid woth this 15 year morgage to the tetal in eerest paid with ehe 30 yrar mortpage (from Question 1). How much would you save in interest if you use the 15 your mortoge? Difference in interest puid =9