1. Joe Chin bought a house for $180,000. He made a 20% down payment. Joe secured a loan for the balance of the purchase price at 6.5% interest for 30 years. What will be the monthly payments on the loan?
2. Joe Chin bought a house for $180,000. He made a 20% down payment. Joe secured a loan for the balance of the purchase price at 6.5% interest for15 years. What will be the monthly payments on the loan?
3. Mary Roberts bought a house for $255,000. She made a 5% down payment. Mary secured a loan for the balance of the purchase price at 6.75% interest for 15 years. What will Mary be paying monthly for her house?
4. Louisa Perez bought a house for $300,000. She made a 10% down payment. Louisa secured a loan for the balance of the purchase price at 5.95% interest for 30 years. What will the monthly payments be?

You have calculated Jon Chins mortgage at a 15 year rate and 30 year rate. Using the information from the table below, what is the amount that Jon will save over the life of the loan by paying on a 15 year loan than a 30 year loan? Years Monthly Payment Total Principal Total Interest Total Cost 15 year $1,254.39 $144,000.00 $81,791.03 $225,791.03 30 year $910.18 $144,000.00 $183,664.06 $327,664.06