LaMar and Louise Hubbs moved from Alabama to the heart of Texas. They were delighted to find a Southern-style house for sale and proceeded with plans to buy it. They needed to borrow $150,000 and decided to obtain a 20-year loan at a 9.7% interest rate. However, the monthly payments were higher than they could afford, so they decided on a 30-year loan to obtain lower monthly payments. (Round your final answers to two decimal places.)

(a) Find the monthly payments for the 20-year and the 30-year loans. 20-year loan $ 30-year loan $

(b) Find the total amount paid over the life of each loan. 20-year loan $ 30-year loan $

(c) Find the savings per month by going to the 30-year loan.

(d) Find the increased total cost by going to the 30-year loan. $