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 $120,000 and decided to obtain a 20 -year loan at a 8.4% 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. A mechanic borrows $7000 to expand his garage. The interest rate is 12% compounded quarterly with payments due every quarter. What are the quarterly payments if the loan is to be paid off in 5 years? (Round your final answer to two decimal places.)