Incredible Insurance Agency to purchase for $30,000. Heres what the monthly payments will be: $30,000 * 0.80 = $24,000 financed amount $24,000 * (.05 / 12) / (1 - (1 + .05 / 12) ^ -360) = $128.84 monthly payment on 30-year mortgage $24,000 * (.05 / 12) / (1 - (1 + .05 / 12) ^ -180) = $189.79 monthly payment on 15-year mortgage Incredible Insurance Agency could use this office space on the other side of town to extend our reach in the community. The additional office space will give our agency more exposure in town and hopefully reach more clientele. The 30-year mortgage will cost the business $128.84 per month, while the 15-year mortgage will cost an additional $60.95 each month. These payments seem reasonable and could be a great way to expand the business. Question Calculate the total amount of interest paid over the life of the 30-year and 15-year mortgage. Show all steps in your calculations. In a summary paragraph, discuss the amount of money saved in the 15-year mortgage vs. the 30-year mortgage and which mortgage would make the most sense for the business at this time. Include these items in your post: Calculation of 30-year total interest Calculation of 15-year total interest Steps in calculations Summary